What Is a Pension Review?

So, you’ve got a pension that you, and possibly your employer, contribute to regularly? End of story, right? Wrong. There’s far more to growing a retirement nest egg than simply leaving your pension to accumulate funds in the background. Goals change, lives change, and the market changes. This is why a regular pension check with a professional, at least once a year, is vital to ensuring your pension continues to perform as you expect and you have enough money to retire comfortably. 

In this article, Hilltop Financial Planning explains what pension reviews are, why you need them, and what you can expect from our pension review service. 


What is a pension review service?

A pension review allows you to speak with a regulated financial adviser to review the performance of your pension fund. Traditionally carried out annually, pension reviews give you an overview of how your funds and savings are performing. It’s an opportunity to take stock and assess whether any changes need to be made to align to your objectives, potentially secure better growth, lower fees, or more security as you get closer to your retirement date. 

Why should I have a pension review?

Things change, life moves on, and our pensions must adapt to meet our evolving goals. Likewise, the pensions market is also a progressive and ever-changing landscape. Considering these factors, what might have been an appropriate strategy when you or your employer first set up your pension may not be fit for purpose now. That’s where a pension review can be invaluable for helping you to make sure your investments work harder today to benefit you in the long term.


The pension review process

Unlike pensions, which can seem complicated and full of confusing terms, the pension review process at Hilltop is mercifully straightforward. Our financial professionals will conduct an in-depth review of your current pension plans to determine their performance, fees you’re paying and whether they match your attitude to risk, then devise the most appropriate strategy for today and the longer term. That could be switching providers, consolidating multiple pension pots, or if your pension is right for you, we’ll tell you that for no cost.


What type of pensions can be reviewed? 

A pensions review from Hilltop can be carried out on defined contribution pensions. Defined contribution pensions, or ‘money purchase’ pensions, are the most common type of pension used for workplace and personal pension plans. They allow you to build up a pot of retirement savings to provide an income in retirement. 

Whether you need a Nest pension review to assess your old workplace pension scheme or an Aegon pension review to determine the performance of your personal pension, Hilltop Financial Planning can provide a comprehensive pension review to keep you on top and in control of your pension savings.


How often should I review my pension?

The general rule of thumb regarding pension reviews is to undertake them at least once every 12 months with a pension specialist. Even though pensions are a long-term investment, with the temptation of forgetting all about them, they’re far from a ‘fit and forget’ solution. As we’ve mentioned, the market can change, and so can your goals and expectations. Furthermore, new products become available from providers, that maybe cheaper, provide flexible access or online app monitoring, all of which your older workplace pension may be missing out on.

To ensure you remain on track, it’s useful to carry out an annual pension review for the peace of mind and perspective that comes from knowing you’re on target to accumulate enough funds for retirement. If anything needs tweaking to achieve those objectives, your financial adviser can discuss your options with you.


Hilltop Financial Planning: Pension Advisers

Think of your pension like a marathon. Reaching the finish line in perfect position takes plenty of smaller steps, goal setting, readjustments, diligence and patience in the lead-up and on race day. The more you put into it, in terms of training and preparation, the better the outcome. This is the same with a pension. The more prepared you are through regular annual pension reviews, the better your retirement prospects could be. 


Hilltop’s pension review services give you a clear picture of your pensions. Not only will our financial advisers tell you what’s working well and what isn’t, but they’ll also discuss your plans for the future to help to put you on track. If you’d like more information about pension reviews or to arrange a consultation, please contact us on 0161 413 7051. We’re open 9am to 5pm Monday to Thursday and 9am to 4pm on Fridays.

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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