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Nest Pension Review

What Does Our Nest Pension Review Service Cover?

Your Pension's Performance

Our advisers will check the performance of your Nest Pension against its benchmark and across the market. This ensures you’re getting the right pension for you, that will potentially deliver for your retirement.

Check The Fees You're Paying

All pension providers charge a fee for managing your funds. Our advisers will check that your Nest Pension or any other personal pensions you may have are not charging you excessive fees. Excessive fees could be affecting your pension’s growth.

Risk Check Your Funds

All pension funds are subject to an element of risk. As part of our review service, we will carry out a full financial risk assessment to ensure your Nest Pension is aligned to your attitude to financial risk.

Management Options

Does your Nest pension offer online access? Can you get up-to-date valuations instantly? During your Nest pension review, we will find out what’s important to you and ensure the personal pension you invest in can give you the functions you require.

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What are Nest Pensions?

Launched in October 2012, Nest (National Employment Savings Trust) Pensions are a government-backed service intending to make auto-enrolment easier for employers and enable more people to invest in a pension. The Nest workplace pension scheme currently has over 880,000 employers* who use their services for the auto-enrolment scheme.

Nest pensions do not charge employers to set up their workplace scheme through their platform, nor on-going charges for the administration. This makes them very attractive to an employer and a good way of employees saving for their future. But, as with all pensions, it’s essential to review them regularly, especially if this is your old workplace pension.

*nestpensions, 27.07.20

How we work

Expert advice in three easy steps.

Contact Hilltop Finance

Contact us

Fill in our form or call 0161 413 7051. Our team will then have a brief chat to get a better understanding of your pension needs.

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Report and assess

As soon as you give us the authority to work on your behalf, our team will get started analysing your private pensions to produce an in-depth report and assess against the market.

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Make informed decisions

Your financial adviser will deliver their assessment and ensure you fully understand the advice given. Now you will be able to make informed decisions about your future.

Get Started

Regular Nest Reviews

Why should you review your Nest pension scheme regularly?

Regular reviews of your Nest pension will help you to check you’re on target for your retirement goals and ensure that you don’t lose track of that pension pot. If you have moved employer and are not contributing to your Nest pension, this pension could now be classed as a ‘Frozen’ or preserved pension. Your Nest pension could continue to grow but will not benefit from new contributions made by your employer or you.

If you no longer contribute to your Nest Pension, then combining your pensions together could make it easier to manage your funds. Read more about pension consolidation here.

Nest pensions, as with all personal pensions and investments require constant monitoring, but often get left behind, as retirement seems such a long time away. Regular checks and reviews of your pension should alleviate any nasty surprises you find when retirement day finally arrives.

The earlier you get your Nest pension reviewed, the better chance you have of making changes that are needed to hit your retirement goals.

Make An Enquiry

How regularly should I get my Nest Pension reviewed by an adviser?

There is no specific guidance on how often you should get your pensions reviewed. If you have on-going service by Hilltop Finance following your initial review, we will continually monitor your pension to ensure it’s still right for you. You will receive an annual performance report that will quickly show how your pensions are looking and to discuss if any of your objectives have changed over the year.

Align your risk category

A Nest pension is likely to be a workplace pension and long-term savings plan. Therefore, it may not align with your attitude to financial risk. As the Nest pension would have been set-up to the benefit of the entire workforce, it may not be suitable for your needs and wants. If you are risk-averse, you may need to move your pension into a more secure fund, helping to alleviate the chances of losing money. Alternatively, a too conservative pension fund for your risk attitude could mean you’re losing out on much-needed growth and boosts to your pension pot.

Over time, your attitude to financial risk usually changes, the younger you are, the more likely it is that you can take more financial risks to benefit from higher growth. This is because you have more potential to recoup any short-term dips over a more extended period than you do if you’re getting close to retirement.

A regular review with our pension advisers will help to find the perfect pension for you.

FAQs

We have the answers.

Have a look over our frequently asked questions, and if you can’t find what you’re looking for simply get in touch with our friendly team who are here to answer any questions you might have.

How can I combine all my pensions from different employments?

Consolidating your pensions from different employers is run in the same format as a regular pension consolidation service. It’s generally not recommended to combine out of your current workplace pension, but in some cases, you can combine and transfer your other funds into your current workplace pension. Please speak with our team to find out all of your options.

What does a financial advisor need when combining pensions?

To combine your pensions, a financial advisor will need your authority to speak with your pension providers and then your authority to act on your behalf to transfer your pensions into the recommended product. By initially giving the financial advisor the power to speak with your providers (Letter of Authority) the financial advisor will request the relevant information they need to make any recommendations on where to combine and transfer your pensions. For the full process of combining your pensions, please speak with our team.

If you combine two pensions can you take 25% tax-free of the combined amount?

A 25% Tax-free lump sum is calculated on the total value of your defined contribution pensions, rather than specific to each policy. The advisers at Hilltop Finance will be able to give you guidance on your options.

Tax treatment depends on the individual circumstances of each client and may be subject to change in future.

Do you lose money consolidating your pension?

Depending on your current pensions, you could lose money when combining your pensions, if they have exit fees included or any guaranteed rates included. By speaking with our advisers, they can check to see if any of your current pensions have any clauses attached and help you to make the right choices about pension consolidation. If we don’t think that pension consolidation is in your best financial interests, we will tell you that too.

Capital at Risk.

How do I consolidate my pensions?

There are several ways of consolidating your pensions. But, we believe the best way to consolidate them and to ensure you’re getting the best pension policy for your circumstances is to speak to our team. We will quickly assess your current pensions and offer advice and recommendations on where to consolidate your funds. The advice we give is always in your best financial interests, and by speaking with us, we can take some of the decision processes from you and guide you to a more suitable pension, rather than a fit for all pension you may see online.

Capital at Risk.

Is it better to combine your pensions?

Combining your pensions could have many benefits. Putting your pensions into one policy can help you to keep track on the value of your funds, quickly see the performance of your fund and also you could benefit from lower management charges than having multiple pensions.

With all your funds in one place, you could furthermore reduce the chance of losing track or forgetting about that smaller pension pot that you accrued with an old employer. Pension consolidation isn’t for everyone, though, so please speak with one of our advisers before moving your pensions.

When can you drawdown your pension?

You can drawdown from a personal pension from your 55th birthday. In some circumstances i.e. ill health, your pension provider may allow you to take money from your pension, but this is at their discretion.

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How much money do I need to retire?

The amount of money you need to retire is completely personal and dependent on how much you want to spend monthly, annually and for how long. It’s suggested that the average couple will need £29,100 per annum according to the Pensions and Lifetime Savings Association in 2019.

When can I retire?

The age at you wish to retire is completely up to you if you have personal pensions. If you qualify for a full state pension, depending on your date of birth, this could start at 66 years old.

If you have a defined benefit pension, the scheme may dictate when you can start taking money from the scheme. This isn’t necessarily when you can retire, simply when they will allow you to start receiving an income.

Do all private pensions offer pension drawdown?

No, not all pensions offer the flexibility of pension drawdown, and it’s always advisable to speak with a financial adviser to find out if your policy offers flexible drawdown.

Capital at Risk.

Is it possible to plan too early for retirement?

No, the earlier you start planning for retirement and contributing to a pension, the easier it will be to reach your target for a comfortable retirement. Find out how much you pension could be worth with our pension calculator. Click here

Why should I speak with a retirement planning adviser?

Many people think when they get to retirement, they will have enough money to retire comfortably. Unfortunately, that’s not always the case and the money you think is substantial isn’t enough to last 20 years plus through retirement. Speaking with an adviser can help you to understand how much you may receive in retirement and put a plan of action together to help you achieve your retirement goals.

Recent research by ILC and Royal London, suggests that taking professional financial advice could benefit you by an average boost of £31,000 to your pension wealth over a ten year period.*

*ILC, Oct ’20, Revisiting The Value of Financial Advice.

What is retirement income planning?

Retirement Income Planning is the process of assessing how much income you will need in retirement and then making decisions and actions on how to achieve the targeted income. Your financial advisor will work with you to make a detailed retirement plan to help achieve your goals.

How can I plan for retirement?

There are many ways to plan for retirement. Many people look to expert help with a financial advisor to create a plan for when they retire. A retirement plan could include financial projections, current saving targets and any lifestyle changes you wish to make. The earlier you plan, the easier it may be to achieve your retirement aims.

Why is telephone-advice better?

Hilltop Finance is a little different from the typical financial adviser; we are a predominately telephone-based advisory service. We believe that this offers more flexibility and benefits to our clients; including: –

Convenience – You can talk to your adviser when you are at home, on a lunch break or commuting to work.

More Secure – We record all calls, and they’re logged and compliant to FCA standards. Face-to-face appointments aren’t, so there could be more opportunity to be misadvised.

In Your Own Time – We work at a time that suits you. You don’t have to wait around if we’re stuck in traffic or late to the booked appointment.

Efficient Process – With efficient telephone conversations, we can keep the impact on your busy daily life at a minimum.

Accessible – Your financial adviser is more accessible through a telephone meeting than booking a specific face-to-face appointment, weeks in advance.