Pension reviews are extremely important to help ensure you reach your retirement goals. Like anything, reviewing things on a regular basis helps you monitor their progress to make sure you’re on the right track and if not help you identify changes you need to make to reach your goals.
The key is to start by gathering together the details of any existing pensions you may have, both current and past pension schemes. From here, you can assess what you currently have in place, then work out what you need to do moving forward.
Financial advisers can help you gather this information, then help you assess it and work out your best course of action.
One of the main areas to review with your pension is how your money is currently being invested. Is the investment fund performing well? Does the risk of the fund match your personal attitude toward risk? Does the fund have high charges?
The majority of people will never have reviewed the investment strategy of their pension. This could mean your funds are currently sitting in poor performing investment funds, with high charges. In the long run this could be costing you thousands of pounds in the growth of your pension pot.
The advisers we work with will help you review your past and current pension pots to help workout if you’re on track for the retirement you want. From there, they will usually organise to review your pension with you on an annual basis to make sure you stay on track and help you choose investment funds that are performing well and match your attitude towards risk.