Pension Review

Why Review Your Pension?

Strive to Get Better Investment Returns

Investment markets and Pension funds change drastically over the years, a well performing fund two years ago may not be the most suitable today. This is why regularly reviewing your pensions with a professional, helps place your money in the right funds that fit your goals and risk tolerance, which could help increase your future earnings. This is particularly important when you start to approach retirement, for many taking less risk could be seen as a sensible option but do you know exactly how to do this and when you should do this?

Try to Prevent Unnecessary Costs

Contracts or funds that are not performing well can mean your pension is charged more fees which can reduce its value as time goes on. Checking your arrangements regularly helps you spot and deal with high costs, so you can save more for your future.

Stay Aligned with Your Needs

As your personal circumstances and retirement goals evolve, your retirement plan should adapt as well. A review ensures your pension remains suitable for your current situation, whether you’re changing jobs, starting a business, or approaching retirement.

Key Areas to Review

Governance And Management of Schemes:

Look into your pension provider’s systems and practices and see if your scheme is handled competently.

Investment Performance:

Check how the funds you picked are doing against similar indexes or benchmarks. If the default fund isn’t doing well, opt for other choices that fit your risk profile and principles, including ESG (environmental, social and governance) funds.

Covers Charges and Fees:

Check that the costs and fees for management are fair and in line with the services given.

Communication and Administration:

Ensure you receive clear, timely information about your pension, and that administration is efficient and responsive.

How Often Should You Review Your Pension?

The Pensions Regulator recommends reviewing your pension scheme at least once a year to keep your arrangements up to date and performing optimally. Major life or career changes are also a good time to reassess your pension.

Our Approach

Our team of Chartered Financial Planners at Howard Wright, can undertake a full review of your pension contracts and investment funds to examine their suitability for you and your objectives.

We will also:

• Look for ways to earn more profit and cut expenses
• Check that your pension supports your retirement goals
• Make sure your recommendations are easy to put into practice
• Keep you regular informed as to how your investments are performing
• Conduct annual reviews of your pension with you and make changes where necessary

Take Control of Your Retirement

Don’t leave your pension performance to chance. Book a free initial Pension review with one of our Chartered Financial Planners at Howard Wright today to ensure your retirement savings are on track for the future you deserve.

Disclaimer: This article contains information from sources believed to be reliable but no guarantee, warranty, or representation, express or implied, is given as to its accuracy or completeness. Howard Wright Ltd does not undertake any obligation to update or revise any future statements. Past performance is not a reliable indicator of future results. Investments can go down as well as up and actual results could differ materially from those anticipated. This article is for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any person as such, the information contained in this article is not intended to constitute, and should not be construed as, investment or financial advice. Appropriate personalised advice should be taken before entering into any transactions. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. Howard Wright Ltd is Authorised and regulated by the Financial Conduct Authority.