Making sure your pension is working for your retirement.
Time to tidy up all those leftover pensions? The average Brit has six jobs in their lifetime, according to new research by Investec Click & Invest.* With this in mind, by age 40 the average employee is probably halfway through their career and has maybe three or four pensions in their wake.
So, what has happened to these pensions from former jobs and what can be done with them?
Left to their own devices, you would hope that they are growing in value but if you’re not monitoring them, you’ll never know.
What’s more, if you are no longer actively contributing to the pensions, they’re only going to be worth whatever they were when you left that employment plus or minus any growth.
As you’re probably starting to appreciate, what I am describing is actually quite a common position to be in, especially for employees in their forties. This type of scenario makes up a good proportion of the enquiries we get from potential clients.
So how do we go about tackling this?
Our first step is to help the client gather up to date information on their pensions. You see, whilst pensions as a concept are simple enough, the devil is most certainly in the detail.
You’d be amazed by the variation in investment styles and fund choices, not to mention the difference in ongoing fees between the various providers and products.
Getting up to date paperwork is of course just the starting point. After that, it’s about seeing where you are now and comparing it with where you want to be.
Please make sure you speak to someone you trust. We are happy to have initial conversations.
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