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When was the Last Time you Reviewed your Pension?

By | Pensions | No Comments

As with all financial planning regular reviews are imperative to monitor the progress and performance of your efforts and determine whether the performance is on target or whether it could be time to make amendments to your strategy. This is especially important when it comes to pension planning. If like many people, you have not reviewed your pensions since they were set up or some considerable time, it may be time for a pension review.

To ensure you have the best pension planning strategies in place, it is advisable to seek independent financial advice that is tailored to your unique personal circumstance and financial goals. As an independent financial adviser in Nottingham, we can help you review your pensions, track lost pensions and devise a pension plan that is best suited to you.

Why review your pension?

Even with the introduction of the new state pension, which at its fullest amount is currently £155.65 per week, it is unlikely to provide a sufficient enough income in retirement. It can however be a great top up to other pension schemes. It is likely that you may already have a workplace or personal pension in place, or even have several workplace pensions which you may have lost track of.

Undertaking a pension review with an independent financial adviser such as Castlegate in Nottingham, will help you understand your current position and what action needs to be taken to ensure you have a financially secure retirement and can live the lifestyle you want in your later years. A pension review can also help you find lost pensions you may have forgotten about, such as workplace pensions with an ex-employer and can help you trace them.

Regular pension reviews ensure your pensions are working as hard as you are, so you can enjoy a good income in retirement when the time comes. What may have been a good solution when you set your pensions up, may not be so favourable now thanks to changes in pension rules or changes in your personal circumstances.

With people living longer than ever, our pensions have to work harder and potentially provide an income for a longer period of time. If you were to retire at the age of 55, you could potentially be retired for 30 years or more, which is why it is imperative that your pension is regularly reviewed and performs the best way it can.

Is it time to review your pension?

Here are a few questions to help you think about your pension and decide whether it could be time to review your pension:

  • What charges you are paying for your pension?
  • What investment returns are you receiving from your pension?
  • How much retirement income will your pension generate?
  • Have you reviewed your pension in the last 5 years?
  • What age will you retire or be able to afford to retire?

At Castlegate, we are an independent financial adviser in Nottingham and the surrounding areas and can support you with all aspects of pension planning and reviewing to ensure you have the most effective and efficient strategies in place. As an experienced independent financial adviser in Nottingham we provide financial advice that is tailored to your unique personal circumstances.

If you are considering a pension review or are looking for an independent financial adviser in Nottingham or across the East Midlands, please do not hesitate to get in touch to talk about the most appropriate solutions for your personal circumstances and financial objectives.