Pension Reviews

Pension Review – What you need to know

A pension plan is a must-have for anyone preparing their financial future. However, simply setting up a pension is unlikely to be enough if you want to secure your finances. Reviewing your pension plan regularly is also important if you want to ensure you’re getting the best deal.

A pension review allows you to take a close look at your investments and how they’re performing. The pensions landscape evolves over the years, and your personal situation and your goals for the future can also change. It’s important to conduct a pension review to ensure you are accumulating the funds to support yourself during retirement.

What Is a Pension Review?

The purpose of a pension review is to take a close look at your current pension plan and assess the charges, the performance, your retirement options and whether the plan offers any guaranteed benefits that maybe valuable. 

By reviewing your pensions, you might be able to identify a way to save on fees or to increase your return on your investment. A pension review might indicate that you can benefit from switching to a different pension or from consolidating several pensions into a single pension plan.

A review of your pension allows you to check that you are on track for retirement. Instead of assuming that your pension plan still meets your needs, you can check to make sure you are getting as much from your investments as possible. A review of your pension each year will help you to understand if it’s performing well. As you get older, you should also reduce your risk to help protect your investments.

The Pension Review Process

During a pension review, a financial advisor will look over your current investments and check that they match your attitude to risk and your retirement income goals. They will look at whether your pensions might be underperforming or if you’re paying expensive fees, as well as whether you could benefit from combining your investments into a single pension pot. Both defined contribution and defined benefit pensions can be reviewed to determine if they are performing well for you.

Your financial advisor will present you with their findings after conducting a full review. They are also able to find more suitable products for you if you could benefit from switching to investments that better match your financial goals for retirement.

Pensions are long-term investments, and they won’t always remain suitable for your retirement plans. Even if your goals haven’t changed, a review of your pension funds will determine that you are still on the right path.

How to Arrange a Pension Review

You can arrange a pension review with a financial adviser. Pension review services make it easy to take a look at your pensions and assess whether they’re still suitable for your needs. It’s easy to get started when you find a financial advisor that you like. Simply get in touch to discuss your needs and find out how the advisor can help you to rethink your financial retirement plans.

Fill out our enquiry form or get in touch by phone or email to find out more about our pension review services.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

At CD Financial we do not provide advice on Final Salary/Defined Benefit pensions.

However, as an appointed representative of Openwork we are able to refer you to Final Salary/Defined Benefit pension specialists, who we collaborate with in order to ascertain whether a transfer may be suitable.

If a transfer is found to be suitable we can assist with the transfer process and offer ongoing services to help manage your pension long term. Find out more where we talk about Pension Reviews on the Pensions & Investment Podcast. 

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