What to Ask in a Pension Plan Review?

What is a Pension Review?

A pension review can help you to check whether the scheme you’re investing in is among the best performing pension plans of its kind.

It will also help you find out what you could change to get the most out of your savings in the long term and to plan for a comfortable retirement.

Why Review Your Pensions? 

Reviewing your existing pension schemes with the help of a pension expert will help you to get a clear picture of what you could expect in the future, how your pensions are performing today and if there are any changes that could help you to a brighter future..

As a result, you’ll have a better understanding of your pension, plans for retirement and whether your current pension and contributions are sufficient.

Elements that are examined in a pension review may include:

• The current performance of any investments involved in your chosen scheme
• The potential benefits to merge two or more pension pots that are in your name
• How much you’re likely to save by the time you retire, and whether this amount will be sufficient to support your desired lifestyle
• The level of risk involved in your current scheme and whether that suits your attitude to financial risk
• The affordability of the pension plan you are currently using (including administration fees)
• The ethics of your chosen plan and whether you could opt for a scheme that has a more positive global impact while achieving everything you personally require

Looking over your pension with a trusted and established financial advisor on a regular basis is important, as personal and financial circumstances are always changing.

From financial crises to pandemics, and from changes in your number of dependents and potential beneficiaries to adjustments in your retirement plans, you need to be sure that the pension policy you are saving in is suitable for you.

Your pension should be personal to you, and this is not the case with most old workplace pensions. Reviewing your old workplace pensions can be key to a comfortable retirement

There is no one-size-fits-all pension plan, and a pension review is the ideal way to learn about the various opportunities available to help you make the most of your savings.

What Should I Ask in a Pension Review?

It’s a good idea to have some pension “quiz questions” ready to ask your financial advisor at your next review. Always check your annual pension statement to see if you’re currently paying fees to an financial adviser.

If you’re paying for an adviser, they should be offering an annual review and report of your pensions as a minimum.

There are pension advisers, like the team at Hilltop, that offer a no obligation pension check to give you the knowledge and their expertise on how your pension is performing and if there are better options on the market.

Some of the best things to ask include:

• Where have my pension savings been invested and how are they performing?
• Is it worthwhile combining my old workplace pensions?
• What are the levels of risk involved in my scheme’s current investments?
• If I stay with my current plan, how much will I have saved by the time I retire?
• If I’m looking to take funds from my pension, what is the most suitable and tax efficient way of doing this?

Where Can I Get a Pension Plan Review?

Hilltop Finance’s experienced specialists offer an in-depth pension review that will help to ensure that your scheme is perfectly tailored to your personal circumstances and preferences.

The team works across the market, including the biggest and most reputable UK pension providers, comparing them in detail to make sure you get the best available deal for you. Some of the services we can provide include:

• Nest Pension review
• Prudential pension review
• Aviva pension review
• Scottish widows pension review

To make sure that you are using the ideal pension scheme with the best possible features to suit your needs, take steps to arrange a pension review today. It will afford you peace of mind and ensure that you are properly supported throughout your retirement.

Get started by contacting the team at Hilltop Finance today. We will be more than happy to assist you.