Once you have set your pension up, it’s a good idea to keep an eye on how it’s performing. You should also review your pension savings plan and arrangements when your financial situation changes or your pension needs change.
A pension review will identify all your existing pensions and their current values, as well as forecasting the potential size of your fund at retirement. Your review will also look at other factors like levels of income, the suitability of the current risk levels, performance of current funds and whether there are other pension products or investments available which may be more suitable for your current personal circumstances.
Undertaking a pension review with your IFA or financial adviser will look at all these factors and more while taking into consideration your retirement goals so they can keep you on track for the retirement you hope for. To find out more about how financial advisers can help you with your finances and what you can expect when you go to see one read more on why use an adviser?
Questions you might like to ask an IFA…
- How regularly should I review my pension?
- How will my retirement planning needs change as I get older?
- Are there alternative ways to save for my retirement outside of pension products?