Why You Need To Get A Pension Review

Retirement is a time for relaxation, indulging in hobbies and spending quality time with family. So your pension must give you the financial freedom to enjoy life’s pleasures.

Getting a pension review can help you to understand your current financial situation and devise a plan for the future, so you can rest easy knowing that your retirement funds are well on track.

In this article, Hilltop explains what a pension review entails and why a professional pension assessment from a regulated financial adviser is the surest route to long-term retirement success.

What is a pension review?

A pension review, also known as a pension audit or pension health check, is an in-depth assessment of your pension to understand its current value, fees, and performance.

Pension reviews help you identify areas where your pension is doing well, as well as where it could be improved. As part of the process, your financial adviser will consider your investment portfolio, the current economic climate, and the latest taxation rules.

A pension scheme audit can help you to identify potential risks or opportunities to increase or protect your return on investment. It allows you to reassess how much risk you want to take and look into whether a pension switch or pension consolidation would be beneficial.

Plus, if there have been any changes to the tax regulations since setting up your pension plan, adjustments can be made to ensure you make the most of the current rules.

Why review your pension?

An annual pension review enables you to keep up with your fund’s performance and any new or forthcoming legislation that may affect your retirement income.

It also gives you peace of mind as any issues can be quickly identified and remedied before they adversely affect your savings and investments. Ultimately, regular pension reviews can help you to achieve long-term financial security in your senior years.

Here are five more reasons why you should review your pension:

1. To review performance

A pension review will help you assess your pension performance over time. It can identify whether your pension is outperforming or underperforming compared to other similar pensions and the market itself.

This overview lets you make an informed decision about which investments will yield the best returns. In addition, a pension review can uncover hidden costs or fees that could make a pension transfer a cost-effective option.

2. To meet your retirement goals

A pension review can help you meet your retirement goals by better understanding the returns you can expect from your pension. Many people underestimate how long they will live and how much money they need to save to enjoy a comfortable retirement.

Both scenarios combined are a recipe for running out of money in later life. However, regular pension reviews can give you the necessary insights to make adjustments as you go along.

3. To be in control

By getting a pension review, you can feel in control of your pension and be confident that your chosen scheme is the best one for you.

If you don’t feel fully in control of your pension, whether that be deciding which workplace pension scheme to join or understanding the finer details of your chosen fund, a pension review by an independent financial adviser can boost your pension knowledge and give you back control.

4. To maximise returns

A pension review can give you an in-depth understanding of the performance of your pension and any associated fees. As we briefly mentioned earlier, pension fees and charges can significantly impact your pension income when you retire.

Over your working life, the difference between a 0.25% annual charge and a 1% charge of the total pension fund can be significant. A pension review can help to minimise these fees and maximise your returns.

5. Circumstances change

A pension review can be incredibly beneficial if your circumstances have changed. It can help you to assess your pension’s performance and identify areas where it could be improved to meet your new goals.

Pension reviews can be particularly useful if you have moved jobs or moved into self-employment. Working with a financial adviser can help you to identify the best pension scheme and investment strategy for your aspirations moving forward.

Pension Advice from Hilltop

Conducting a pension review can be incredibly beneficial for anyone with a personal pension.

A pension plan audit can help to identify any mismanagement of your pension and unexpected costs or fees, enable you to assess the performance of your pension, and make informed decisions about which investments are likely to yield the best returns in the long term. However, it can be a complicated process and requires expert knowledge to get the best results.

FT Advisor ranks Hilltop Financial Planning in the Top 100 UK Financial Advisers. Our team of experienced pension advisers can help you to review your pension and make any necessary improvements.

We understand that everyone’s circumstances are different, which is why we provide tailored advice to help you get the most out of your pension. Contact us on 0161 413 7051 for pension advice or to book a consultation.

Talk to us

Pop the kettle on and give us a call

Even after you’ve done your research, you’ll probably still have some questions. Why not give one of our friendly team a call and explore whether financial planning advice might be right for you.

Call now on 0161 413 7051
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Mon to Thurs 9am – 5pm and Fridays 9am – 4pm

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 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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