In today's competitive world people often change jobs several times during their careers, but when they leave an employer what happens to their pensions? They remain in a paid up state until retirement. Is this the best place for these pensions as many are forgotten until retirement?
As we work with clients that have collected various company or workplace pensions, often they're are not sure if their pensions are active or if their contributions have been refunded, let alone what their current values are. Pension funds can move too, for instance when companies are sold, which makes keeping track of multiple pensions tough, particularly over many years.
If you have an array of policies you have collected through various workplace pension programs or may have even taken out yourself over the years, you may be asking - "Would I be better off consolidating my multiple pension policies?" Would my retirement outlook be better if I combined them in a single new policy?
Mrs S had worked for 8 companies over her career. She had no clear idea whether she had active pensions with all the companies or whether when she left, she'd been refunded her contributions.
FixMyPension performed a thorough review and analysis of her situation are were able to reveal some surprising results for her.
Also, over time, your risk profile may have changed. Early on in your career, you may not have minded a portfolio that contained a higher risk, higher reward element. Looking back, did that pay off? Looking forward, do you want an retirement investment portfolio with the same risk profile? Perhaps you are less comfortable with risk as you work out the last few yours of your career?
It might be a good time to look at creating a portfolio more suited to your aspirations now. Policy consolidation may be your best option It may be possible to adjust the policies you have to suit; we can certainly help there too.
We offer a complete review of each pension fund, including charges, fund performance, additional benefits such as life cover, guaranteed annuity rates and premium protection, and conclude with recommendations.
Email us, call us at 01923 254014 or fill in the quick contact form for impartial unbiased advice from us.
*The pension finder service and initial review is free, if the advice is taken up then fees/commissions will be payable. You will be notified of these costs in the review.