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Your pension is an investment – look after it well

What kind of relationship do you have with your pension?

Are you on top of the investments, always making sure they are generating returns to pay for your future? Do you have some knowledge of where your money is invested? Or, are you one of the many people who know almost nothing about their pension?

In our day-to-day work helping people from all walks of life with their retirement savings and other investments, we find that people often treat their pensions differently to their other investments such as ISAs. While they take an active interest in the investments within an ISA, using allowances wisely, keeping an eye on investment performance and taking decisive action to increase returns, often they don’t do the same with their pensions. In fact, a huge number of people don’t even think of their pension as an investment at all.

This was one of the key themes revealed by some research we conducted over the summer with leading market research company Ipsos MORI to understand more about people’s relationships with their pensions and their attitude to saving for retirement. Of the 2,000 people across Great Britain that were surveyed, the results highlighted that a third (33%) of those with at least one pension have no idea where their pension money is invested and a further one in five (19%) has never thought about where their pension money is invested.

Retirement saving in numbers

Here we highlight some interesting results from the broad range of questions that were asked, together with some pointers on how to get your retirement savings on track.

Have you ever calculated the amount needed for your retirement?

67% of those who haven’t retired said ‘no’

81% of those in retirement said they never did

How often, if at all, do you check the value of your pension?

38% said about once a year

24% said never

  • Call us on 020 7189 2400 and we can help you decipher yours.

How would you best describe your approach to pension contributions?

56% invest a set amount on a regular basis

17% invest irregularly as and when they have spare money

  • Have you considered setting up regular investing into a pension? Contact us to find out more.

How many pensions do you have?

34% said they have between two and five

I don’t know what my pension money is invested in

33% agreed with this statement

  • Call us and we can help you review your pensions.

What now?

Remember that pensions are investments. And whilst this might sound like a corny line from a film, your future depends on them because unless you are lucky enough to have a final salary pension, the amount of money you have in retirement is linked directly to the success of your pension investments.

If, after reading this, you have realised that you don’t know a great deal about your pensions, don’t worry. It’s actually quite easy, and not particularly time consuming, to get to grips with your pensions, and if you choose to tackle them now it’s likely to prove a really simple way to give your retirement savings a boost.

Our 10-minute pension checklist is designed to help you reconsider your pensions. We offer practical tips so that you can get your pensions in the best shape they can be, and you can download our checklist here.

If you would like to discuss anything in this article, or want some more information, please call us on 020 7189 2400.

About the research

Ipsos MORI’s Omnibus interviewed a cross section of Ipsos online panel members in Great Britain. The results have been weighted to the national profile of the GB population. 2,028 adults aged 16-75 were interviewed between the 20th and 25th of June 2014.

The value of investments can go down as well as up, and you can get back less than you originally invested. This guide is not advice to invest or to use our services. Prevailing tax rates and the availability of tax reliefs are dependent on your individual circumstances and are subject to change.

OUR AWARDS

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.

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© Tilney Bestinvest Group Ltd 2016.

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