Many people reach retirement before they realise they have not made sufficient provisions. Here are 3 tips to avoid a shortfall:
- Consider consolidating your pensions to a single provider if you have more than one. This will make it easier from an administrative perspective as it means you’ll just have one account to log in to, one set of investments to check and one lot of charges to monitor. Before you do though, check if your existing plans come with any guarantees or exit fees.
- Review the funds you hold in your pension schemes. Billions of pounds are invested in underperforming funds but your provider may never have informed you how bad they are. As a member of a pension scheme, you have a right to be given certain information about what you have signed up to without having to ask for it. If you’re in a defined benefit scheme, the scheme must send you, every year, a summary funding statement. This gives you important details about the ability of the scheme to pay the benefits due under the scheme.
- Reunite yourself with your money. If you have lost touch with your previous pension providers then the Pension Tracing Service is a great way to track down their contact details. You need the name of an employer or a pension provider to use the service. It will provide you with the contact details for the provider however it won’t tell you whether you have a pension, or what its value is. Find out more at www.gov.uk
For an independent review of your pensions and the underlying funds, please contact us. Hamnett Wealth Management offer unbiased, expert financial planning advice. Our professional, qualified Independent Financial Advisers take time to understand your specific requirements, aims and financial objectives to ensure your future is secure. Our services include:
- Pre-& Post Retirement Advice
- Investment Planning
- Long-term Care Advice
- Divorce & Separation Advice
Take control of your financial future today with Hamnett Wealth Management. We offer a free initial face-to-face consultation where we will assess your needs and explain how we can help. Call us now on: 0114 235 3500 or email us at: advice@hamnettwealth.com
