Pensions: Do you know what you're paying?
On Wednesday the Department for Work and Pensions announced its plans to ban charging flat fees on small pension pots. This is welcome news because the effect of large fees can erode the value of an individual’s savings, which is why it's important to review your pension plan and understand how it works.
Many people have a number of different pension pots that have been accrued over a number of years, through various employers. It is important to ensure each of these pensions is competitive and suitable for your needs.
As well establishing what you are actually paying for your pension plan, a review can provide other valuable insights such as;
- Is the investment strategy suitable?
- Does the pension allow me to access it as I want to in retirement?
- How much income is this pot expected to provide?
- Will it be sustainable?
The financial planning team at Irwin Mitchell are proud that we're able to offer a pension review without charging any upfront flat fees. This allows us to spend time getting to know our client’s and creating a proposal without the need for any large upfront costs.
Once a pension has been reviewed, clients are in an informed position and can really take ownership of their retirement plans. In addition to this, the plans can be monitored and reviewed on an ongoing basis so clients can be sure that they are on track to achieve the retirement that they want.
The information given and opinions expressed are subject to change and should not be interpreted as investment advice. All data is sourced by IM Asset Management Limited unless otherwise stated. All financial and wealth management services are provided by IM Asset Management Limited which is regulated by the Financial Conduct Authority (FCA), FCA Firm Reference Number 402770.
"All defined contribution pension savers deserve to be in a well-run scheme that offers value for members."”
