Why Review Your Pension?
Ask yourself these questions:
- Do you know where your money is being invested?
- Do you know exactly how much you have saved in each of your pensions?
- Are you aware of the charges associated with your different pensions? (Fees and charges can be much higher than you think!)Many pensions providers push management fees up and deliver small returns while clients are unaware of how their pensions are performing simply due to lack of attention to detail. In some cases, management fees have outweighed the returns for clients meaning that the pension pot was actually shrinking rather than growing. When coupled with inflation, this creates a huge problem for individuals who have their retirement funds stored with these companies.
- Do you know how much income your current pension(s) will provide you in retirement? Will it be enough to accommodate your current (and anticipated future) standard of living.
A pensions review with Scottish Pensions can outline all the details of the different options available to ensure your money starts working for you again, so that retirement means a happy retirement and not one where you are struggling to make ends meet.