Pension Review – Pros & Cons

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Pension Review Service

For some, understanding exactly how much money you will be left with when you retire can be rather difficult.  If you have changed jobs over the years, and subsequently changed pension providers, you may find that you are overwhelmed with differing statements each year.

A Pension Review can collate all the necessary information from your current and past pension providers.  It can help you understand and make sense of where you financially stand in terms of your provision for the future.  The resulting findings are presented in a way that is easy to understand.  Once you have this clarity, you may choose to seek extra financial advice.

Pros

A Pension Review answers your most important question: ‘how much will I have when I retire?’ Beyond that, it can also tell you about the types of pension schemes you have been involved in and how they differ from each other.  You can also find out what impact a steady rate of growth will have on your ultimate retirement income.

A review can be advantageous for people who took out a pension quite some time ago.  Charges on pensions used to be quite a bit higher than they are now on certain schemes.  Finding out how much you could save by switching to another pension could be of huge benefit when it comes to your retirement income.  It is important to find out whether you are paying too much, particularly if you have already finished paying into your pension.

You can also compare different pension companies’ investment performance.  This does have an effect on your retirement income, so it is wise to see if you could benefit from switching to a company whose investments are performing more successfully.

Cons

A Pension Review is not necessarily quick and convenient.  You will need to provide sufficient information, such as your current monthly expenditure, and details regarding your past pension contracts.  After that, depending on who the information needs to be sourced from, you could be waiting anything from 10 days to 2 months.

It can be difficult to find a review service that is reliable.  You need to invest time into finding one that is trustworthy. Whilst many do provide a free review, they will also encourage you to buy into their pension plan.  Although their own advertised benefits may seem to be an improvement, you will need to spend time looking into the details yourself.  However, an unbiased review which isn’t supplemented with financial advice can come with a price tag.

In the current climate, pension schemes come across in the press rather negatively and many people are influenced by this.  A Pension Review does not automatically imply that you should change your current plans.  It is possible that you are already headed for a secure retirement.  Ensure that you will benefit from switching, before you do.

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