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Pension Paperwork Plonking on the Porch

"The UK is facing a challenge – we are not saving enough for the future.  We all want to retire someday and you can’t keep relying on that lottery win to see you through – the time has come to take your future into your hands".

So says the Pension Awareness Campaign who are out trying to raise engagement with pensions.  They even have a double decker bus taking their message around the country, and today it is in Edinburgh!

We are all aware that a "job for life" is becoming increasingly rare.  And with each job comes a new pension pot. Partly due to auto-enrolment, many people end up with numerous pension pots and frequent, unintelligible packs of pension paperwork plonking onto the porch.

How do you keep track?  How do you stay "aware"?  Consolidation can often help, but before you embark on that it is important to know the answer to some important questions:

  1. How much are your pensions worth today?

  2. What charges are you paying each year?

  3. What charges or penalties would you pay to move to a different company?

  4. Are there any valuable guarantees within your existing pensions that you would lose if you moved them?

  5. What investments do you hold within your pension?

  6. How have these performed over the years, and has this been enough for your needs?

  7. How risky are your pension investments?  (For a typically long term investment, taking too little risk can be as dangerous as taking too much).

  8. What contributions are you making, what contributions can you afford, and what contributions are you allowed to make?

  9. When do you want to be in a position to consider retiring?

  10. What income will you need in retirement?

  11. Based on what you've got, and what you're currently doing, are you on track for this?

  12. Is there anything should be doing now to make the future better?

How many can you honestly answer?

Our Pension Audit service is designed to collate all this information in an easy to understand format that then allows you to make informed decisions about your future.  You might call it our Pension Awareness Service.

Take our pensions quiz below.