Pensions are for life, not just retirement

One of the aims of Pension Week is to highlight the importance of staying on top of your pensions. Whether you are decades from retirement or have already stopped working, at Bestinvest we believe it is essential to review your pensions regularly. Read on to find out why.

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There are thousands of unloved pensions

The sad truth is that there are thousands of unloved pensions in the UK that have been neglected or simply forgotten about. And without any attention or nurturing, many of them are suffering from:

  • Bad investment performance
  • High fees
  • A lack of options when it comes to taking an income at retirement

 

How has this happened?

And why are there so many unloved pensions? According to our recent research*, the most common reasons for losing track of pensions are a lack of interest (27%), losing the paperwork (26%) or moving home and forgetting to notify the pension provider (26%).

The average person has changed jobs five* times by the age of 55

Many people have also lost track of a pension after changing jobs. Our research showed that the average person will have changed jobs five times by the age of 55 – this could mean they have a lot of old pensions held with many different providers. And the number is likely to increase in the future, as even small employers are now required to auto-enrol staff in workplace pensions.

Why is this such a big problem?

Neglecting or losing track of your pensions can have big consequences for your retirement. For a start, you may not know exactly how much money you’ve saved for retirement (and therefore how much you can spend after you stop working). We found that this was the case for 69% of people.

On top of this, your money may not be working as hard for you as it could be. Your hard-earned savings may be stagnating – or even shrinking – in poorly performing investments. You could also be paying through the nose in pension provider fees – especially with older pensions that tend to have higher charges.

A simple way to make your pensions easier to manage

A great way to take control of your pensions is to bring them together with one provider – this is known as consolidating**. If you keep your money in one pension with a single provider:

  • You’ll be able to see at a glance how much money you’ve saved for retirement
  • It’s easy to check how your pension investments are performing
  • You can keep track of how much you are paying in fees

 

Transfer my pensions

 

Our pension heroes are here to help

Our pension heroes can help you to rescue your lost or neglected pensions and restore them back to their full potential. They could help you with:

  • Reuniting you with your lost pensions
  • Checking your investment performance and the amount of fees you are paying
  • Bringing your pensions together with one provider
  • Checking how much money you have saved and how much you could have to enjoy when you retire

 

Book your telephone pension consultation

If you need some help with your pensions, the best way to get started is to book a free telephone pension consultation with our pension heroes. The consultation doesn’t need to take long and there will be no charge for the first call – it’s simply an opportunity to find out how we can help you. Just click the below button or call us on 020 7189 9999 to book yours.

Book a pension consultation

 

A new home for your pension investments

If you want to take care of things yourself, but you want a great pension that makes it easy to review your investments and stay on top of your retirement planning, look no further than our award-winning Best SIPP. It gives you:

  • Low annual fees of 0.3% (or less for pensions in excess of £250,000)
  • A choice of thousands of investment funds, ETFs, investment trusts and UK shares
  • Free access to our latest investment ideas and research
  • Up to £500 towards any exit fees your other providers charge when you transfer your pensions to Bestinvest***

 

Find out more

 

If you have any questions about your pensions, or for more information about Pension Week or the Best SIPP, please get in touch. Simply call us on 020 7189 9999, email best@bestinvest.co.uk or request a call back.

 

Important information

*Research based on a survey of 1,293 full and part-time workers.

**Before you consider transferring a pension, it is important to ask yourself: Will I lose any valuable benefits or features from my existing pension plan? Will I incur any penalties on my existing pension if I transfer? Is it an occupational final salary pension scheme? (in which case it is very unlikely to be advisable to transfer) Have I considered the charges on my current plan? (a new arrangement may be more expensive – especially if you have a stakeholder pension).

***Terms and conditions apply. Exit fees may apply if you choose to leave Bestinvest.

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. Please contact us for guidance or advice if you are unsure whether a SIPP is right for you.

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