Is your pension working for you?

Is your pension working for you?

If asked this question what would your reply be? If your answer is- ‘I haven’t a clue’, ‘I’m not sure’ or ‘how do I find out’? then it’s clear to see you need a pension review.

After working hard all your life the last thing you want at retirement are money worries. Which is why it’s so important to know how your pension is performing and see if you are on track to achieve your retirement goals.

A pension pot that is underperforming can leave you with a great deal less than you expected in retirement. Those with high charges can make a dint in your savings. And a pension scheme that doesn’t give you the access you expected may not give you the flexibility you need.

Your pension can and should work to provide a comfortable retirement for you. Whilst time is obviously important when looking at long term investments like a pension, regular checks on performance, fund selection and charges will allow you to make changes if needed and keep it in line with your retirement expectations.

Unfortunately, most people who invest into a pension do not fully understand how they work or how they are charged, let alone have the resources to monitor performance against other options. Therefore, it makes sense to have a regular pension review with a professional who understands pensions. Having your pension monitored on a regular basis by those who know what to look for will help ensure you have the retirement you want.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.