5 Ways To Improve My Pension Fund Performance

Find out some top tips on how to improve your pension funds performance as our team at Hilltop reveals all the secrets to boosting your pot. The better your pension fund’s performance, the more comfortable your retirement is likely to be. So, how can you find out more about pension performance – and are there ways to improve yours?

In this article, we’ll reveal five different ways to boost your retirement savings pot to make sure you can get the very most out of it when the time comes.


1. Boost Pension Contributions


Any money paid into your chosen fund qualifies for tax relief, so it’s always best to place your retirement savings in an official scheme. Most pension schemes have no upper limit when it comes to the amount you can pay in. A pension is one of the most tax-efficient ways of saving money for your future.


The ways in which you can elect to pay extra into your pension (called contributions) will vary between providers, so it’s up to you to research how it works when it comes to your particular product.


You’ll only be able to start withdrawing your pension from the age of 55, so many people prefer to make additional payments as they approach that age. After all, there is always the chance that you’ll need access to extra cash before that time. Investing into your pension is a great way of locking away your savings for a later date.


If you receive a sudden windfall or an inheritance, you should definitely consider paying some of this additional money into your pension scheme straight away.


2. Merge Multiple Pension Pots


One of Hilltop Finance’s top retirement planning tips is to track down all of the savings “pots” you have previously paid into, then combine them in one of the best performing pension funds available to you.


If you’ve had multiple employments in the past, the chances are that you and your employer will have paid something into a pension fund during your time at each. You might also have a private or personal pension.


Combining pensions allows you to be more selective about the way your money is saved. You can either transfer all of your previously saved funds into the existing pot that best suits your needs, or shop around for a better product and move everything into that scheme.


Before making your final choice, it’s a good idea to speak with a professional and regulated adviser to assess where you are moving your money too. Check out our article on Pension Consolidation for more ideas.


Hilltop Finance can help you merge your existing pensions with ease.


3. Review The Way Your Pension Pot Is Invested


Many pension providers will allow you to request changes to the way they handle your funds. In some cases, you can adjust things independently online. In others, you may have to communicate with an adviser and ask them to do this on your behalf.


You need to do a good amount of research when making these changes in order to understand the levels of risk – as well as the potential payouts – of various investment techniques. This is another area in which a specialist financial adviser can help you.


4. Find Lost Pensions


Have you definitely kept track of every pension pot you’ve ever paid into?


It’s far easier to answer the question “how much is my pension fund worth?” if you’re sure you’ve taken into account every relevant product you’ve ever used.


Do a little digging by going through hard-copy or digital paperwork relating to your previous employments.


You can also get in touch with previous employers to check which scheme they used, as they are likely to retain records of any contributions they have made towards your pension.


Once you’ve collected information about any pension funds that may have got “lost” throughout your life, you can easily transfer the amounts therein into one manageable product to potentially make things simpler in the future.


5. Maximise Employer Pension Contributions


You may be able to get your employer to pay more into your pension. This is usually only possible by upping your own payments, as many employers make contributions that are relative to the employee’s.


It’s a good idea to check with your place of work regarding their particular policies regarding this approach before attempting to make any changes.


How Can I See My Pension Fund Performance?


The best way to find out how your pension fund is performing is by seeking assistance from an experienced financial adviser like Hilltop Financial Planning.


Once we have a clear idea of the types of schemes you currently use, and the amount you have been paying in, we’ll share pension performing tables and other data with you to keep you informed of how much you can expect to receive upon retirement.


To find out more about our pension fund performance service, get in touch with Hilltop Financial Planning today. We’ll be more than happy to assist you.

Important information: Our website offers information about investing and saving, but not personal advice. If you’re not sure which services are right for you, please request advice from Hilltop’s independent financial advisers. Remember that investments can go up and down in value, so you could get back less than you put in.

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