We accept that taking time to review your retirement arrangements is not the most exciting thing to do but it is probably the most constructive couple of hours you can spend. Take the time, at least once a year, to sit down and truly understand how your retirement planning is working for you.

Retirement Date

Firstly, unless you have put back your retirement date, you are closer to the age at which you want to retire than you were the last time you reviewed your pension so you need to make sure that your planning will still achieve what you require.  Have your circumstances changed? You may now have grandchildren for whom you wish to provide which could change the set-up of your post retirement plan. Or, your attitude to risk may have altered. It is often the case that a person’s attitude to investment risk becomes more cautious the closer they get to their chosen retirement date therefore a review of the funds in which you have invested should be undertaken regularly.

Inflation

Secondly, are you sure your monthly investments are keeping pace with inflation? Whilst £100 per month may have seemed reasonable 10 years ago, a review will help you learn how much income you may expect in retirement. Once you have an idea of what your retirement income could be, you are in a better position to decide if that is enough money for you to retire on or if you need to increase your monthly contributions.

Forgotten Pensions

Next up, is the issue of “forgotten” pensions? The culture of a “job for life” has long since disappeared and the necessity of changing jobs more often means that many people have invested in more than one pension plan. There is said to be over £1billion in forgotten pension funds so it’s important you take a few minutes to sit down and ensure yours isn’t one of them. If you want to get started on that straight away, you can find more information on this government site https://www.gov.uk/find-lost-pension

Fund Charges 

Do you know what your funds are charging you and can these charges be reduced? Pension products, and the rules governing them, have changed greatly over the last 15 years with one result being that newer pension products have much lower charges. Whilst any review would have to balance lower charges with any guarantees that an older pension may give, it is certainly worth having the information at your fingertips so you can better understand your pension and how to optimise your pension planning.

Pension Legislation

Finally, momentous changes were made to pension legislation in April 2015 which could affect your choices going forward. These changes give you greater power over how you spend, save and invest and include a number of appealing tax planning opportunities.

Get in touch now on 0800 689 3238 or fill in the form to the right to book time with one of our consultants. Our aim is to help you know your options so you have a better retirement.