We all lead busy lives, so it’s no surprise that when your latest pension valuation comes in the post you look at the headline figure and resign the paperwork to the drawer.
But what is really going on behind the scenes with your pension plan? Some things to consider include:
- Is it performing as it should be?
- Are the service charges still reasonable?
- Will it provide the flexibility you need before, or during retirement, for example, accessing money in your pension fund before you retire?
The pension industry is constantly evolving with new investment options opening up, providing increased investment flexibility and highly competitive charges. These wider range of features could prove more cost effective and drive the performance of your pension portfolio in the run up to retirement.
Many people also consider consolidating their pensions into one scheme, thinking this will make them easier to manage and make the whole process simpler. However, it’s crucial to weigh up the benefits of each existing scheme before doing this as some may have benefits that you won’t get elsewhere.
Whilst simplicity can be beneficial, it’s still essential that any new consolidated scheme provides you with all of the benefits and flexibility that you require in the run up to, and during retirement.
If you would like a free review of your pensions, please call Richard at Davidsons Independent Financial Advisers in Wadebridge for a no obligation chat.
This is an opinion based article and does not constitute financial advice. Davidsons is authorised and regulated by the Financial Conduct Authority.