A pension assessment may not be something you have considered. Perhaps it sounds like it’s only for people who have large personal pension pots, or even those who are having problems with their private pension. However, a pension review is suitable for everyone, no matter how close you are to retirement. It is designed to benefit you, and the financial advice you are given will not only make sure you are getting the right deal but could save you money.
Is a pension assessment for me?
For many people, the answer is yes! It is now common for people to have more than one private pension, especially if you have worked for more than one employer and have old workplace pensions. This means it is difficult to keep track of your total pension value, and even harder for you to make an accurate pension projection as part of your retirement planning.
One or more of your private pension schemes might be charging you unexpected fees or be invested in a fund that is not secure. And, finally, your priorities might have changed. Although your pension plan might have been the best option when you set it up, this may no longer be the case.
What are the benefits?
A pension review by a pension expert answers all these questions for you but does far more. As well as giving you a full overview of your current pension funds, it can give you an accurate pension projection of what you can realistically expect to receive in retirement. If your investment is not performing as well as you hoped, then now is the time to find out. The financial adviser will also be able to give you advice on how you could potentially improve your pension funds. For example, they might recommend consolidating your pensions if there is an available fund with better investment options, or one that would save you money in charges. Our pension calculator can give you an idea of how much money you might save if switching to a fund with lower charges is suitable for you.
The pension assessment will also consider any other investments you might have, such as other shares or stocks. That way, you can be sure you are getting pension advice that is tailored to you personally. You can then enjoy the peace of mind, knowing you are in the best performing pension for you, and concentrate on more exciting aspects of your retirement planning.
Several financial companies offer pension assessments and other financial advice, but you do need to shop around. Make sure you always select a financial adviser authorised and regulated by the Financial Conduct Authority, with honest reviews and a strong track record to protect yourself from a pension scam.
Be aware that costs may vary according to the type of service offered – for example, whether you require a face-to-face meeting or are happy with doing this over the phone. Some financial advisers may charge an upfront fee before carrying-out any work but we at Pension Works have no upfront charges and any applicable fees are clear and transparent. The team at Pension Works, will always act in your best interests, and with over 60 years financial service and pensions advice experience will always ensure a comprehensive and accurate pension assessment.