Is your pension performing?

Pensions haven’t had great press, but like any investment to get the most from your money, you need to review regularly.

One of our passions is to ensure our clients get value for money and we find that when someone complains about their pension ‘not performing’, the reason is usually because it hasn’t been reviewed.  Pensions are often seen as something separate, when, in fact, they are an investment.

Why should you review your pension?

• The funds you are investing in may no longer match your attitude to risk.  When you are young and retirement is hardly a blip on the horizon, the fluctuations in the value of your fund may not concern you.  Investments go up and down and your pension fund has plenty of time to recover from any dips.  As you approach retirement a pension fund that isn’t growing healthily is likely to concern you more.
• Are you still invested in the same fund where you started your pension plan many years ago?  Things change – are you sure it’s the best one to meet your needs?
• Provider Charges – there have been many changes in the charging structure of pensions over the years.  Do you know what charges are applied to your pension?   Your pension may be an older style plan with expensive charges compared to more modern plans.  However, some older style pension plans do have valuable features that are worth retaining.
• Many providers offer discounted charges for larger funds. Have you got multiple pension pots that could be consolidated to your benefit?  Any pension funds from former employers may not be in the most advantageous fund.
• Pensions have become more flexible over the years.  How flexible is your pension plan?

Paul Hoskin at Hoskin Financial Planning is passionate about pensions!  Find out more about getting yours reviewed at www.hoskinfinancialplanning.co.uk or call Paul on 01621 767200.