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Getting the most out of your pensions

Most of us have collected a number of different workplace pensions as we’ve changed jobs throughout adult life. We may also have built up a number of personal pensions too. This makes managing them really challenging and, although they usually add up to sizeable assets it’s extremely common for people to know next to nothing about them. In fact, according to recent research from charity Age UK, one in four people has actually lost track of a pension altogether.

One of the most important steps you can take when planning for retirement is to give your existing pensions a thorough review to make sure they are up to scratch – and then take action if they’re not. Quite simply, you won’t have nearly as much money in retirement if your savings are stagnating in underperforming pension funds. This is a really simple way to boost your retirement fund without even adding any more money.

Our chart demonstrates the impact that investment performance can have over the long term.

The long term effect of pension underperformance

Track down any missing pensions

If you are one of the many who has lost a pension along the way, the Government’s free Pension Tracing Service should be able to help reunite you with it. Visit www.gov.uk/find-lost-pension for more information or call 0845 6002 537.

Why reviewing your pensions makes sense

Find out how your pensions are performing and how much they are costing you

Performance – your pension scheme should send you an annual statement that will show how your funds are performing and they may also have a website that you can use to monitor performance.

Charges – pensions can also come with high charges and these will eat away at the value of your investments over the years so it is very important to try to keep these as low as possible. This doesn’t necessarily mean that cheapest is best – in many cases you get what you pay for.

Don’t settle for an underperforming pension

Your future depends on the success of your pension investments so if yours aren’t making the grade, you should try and do something about it. You have every right to move your pension but before you make a decision find out if you’ll lose any valuable benefits, bonuses or guarantees that come with your pension. Your pension provider may also impose penalties if you move. Ask your pension provider for a ‘transfer value’ as this will highlight any exit penalties.

Do your pension investments need a new home?

If you’re not happy with the performance of your existing pensions or think you’re paying too much and would like to transfer them, we suggest you look for a pension that gives you the freedom to choose the same high quality funds that you may already be investing in via ISAs and other investment accounts. Flexibility and charges are also key considerations. At Bestinvest we think SIPPs are an excellent option.

Do your pension investments need a new home?

We know that pensions are complex and the rules and regulations can be very confusing.

If you’d rather not spend hours trying to decipher yours, why not give us a call on 020 7189 2400 and one of our friendly experts will help you.

SIPPs are not suitable for everyone. If you don’t want to invest across different asset classes or don’t think you will make use of the investment choices that SIPPs give you then a SIPP might not be right for you. Self-directed investors should regularly review their SIPP portfolio, or seek professional advice, to ensure that the underlying investments remain in line with their pension objectives. Prevailing tax rates and the availability of tax reliefs are dependent on your individual circumstances and are subject to change. Please note the term Best is a brand name of the Bestinvest SIPP.


Past performance is not a reliable indicator of future returns

The value of your investment can go down as well as up, and you can get back less than you originally invested.

The Bestinvest Online Investment Service, including any account analysis and investment reports provided by our guidance services, is an online execution-only dealing service for investors who want to make their own investment decisions. It does not provide advice on the suitability of products and investments; if you are unsure about the suitability of any investment you should seek professional advice. Clients of our Investment Advisory Service and Managed Portfolio Service can use the website to obtain current valuations of their investments but cannot trade on these accounts online and should call their adviser if they wish to discuss changes to their investments.

Past performance or any yields quoted should not be considered reliable indicators of future returns. Restricted advice can be provided as part of other services offered by Bestinvest, upon request and on a fee basis. Before investing in funds please check the specific risk factors on the key features document or refer to our risk warning notice as some funds can be high risk or complex; they may also have risks relating to the geographical area, industry sector and/or underlying assets in which they invest. Prevailing tax rates and relief are dependent on your individual circumstances and are subject to change.

Issued by Bestinvest (Brokers) Limited (Reg. No. 2830297), which is authorised and regulated by the Financial Conduct Authority. Financial services are provided by Bestinvest (Brokers) Limited and other companies in the Tilney Bestinvest Group, further details of which are available here. This site is for UK investors only.
© Tilney Bestinvest Group Ltd 2016.

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