Pension Review recommended

What is pension review?

Pension review can be seen as a research process, which is designed to review your current pension arrangements and compare and contrast with those in the pension market.  As a result, you will be able to find out whether your existing pensions are working harder for your pension.  Having reviewed your pensions, you will have the power, knowledge and choice in deciding the financial aspect of your life after retirement.

Who should review their pension?

Pension review is generally not available where the total value of all of your pensions is less than £15,000 or there is less than 10 years to your retirement, as it is unlike that the benefits of transferring your pensions would be worthwhile.  However, there are exceptional cases, so you should always ask an independent pension advisor for advice.

Why should I review my pension?

The benefits of reviewing your pensions are obvious.  You will find out if you can take advantage of better deals and arrangements for your retirement with your money.  If there are ways found that can potentially make you better-off, these benefits can have a huge impact on your later life and future income.

How does pension review work?

Pension reviews are carried out by specially qualified pension advisors.  They will obtain all of the available information about your existing pension arrangements, including details of the charges and fund performance.  The information, along with any special scheme benefits, rules and conditions, will be used to compare with what is currently available within today’s independent pension market.  They will take your individual circumstances, personal attitude, lifestyle, etc, and these financial advisors will produce a tailor-made review and recommendation report for you.

What to do next?

Once you have had your pensions reviewed, the recommendations made to you are likely to be concerned with whether you should stay on with your existing pensions or transfer your pensions. Whatever the advice is, you should not feel obliged to act on these recommendations, it is entirely up to you for final decisions.

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