Why you should review your pension

When you review your pension regularly, you set yourself up for better financial wellbeing in the future. Most people tend to get their annual pension report and file it away for safekeeping – if they even do that. Most don’t look at what they have or know what that will represent for them in their retirement. Review your pension regularly with a qualified Financial Adviser and you can make sure you plan effectively.

What does a pension review involve?

A pension review sounds very formal and like something you might be judged at. However, this couldn’t be further from the truth! A pension review is an opportunity for us to look at what pensions you have, how they are performing, and to help you decide whether everything is on track. We’ll keep you accountable if that’s something you’re struggling with too.

Your pension is there to support you in your later years. When you are planning for retirement, it is vital you know what money you will have coming in and how much you will need to live on. The sooner you establish what you need and what you’ve got, the sooner you can start working towards making sure those two numbers match.

For a couple to live “comfortably” in retirement, they need £59,000 per year, according to the recently updated Retirement Living Standards figures from Loughborough University¹. You may have no idea what pensions you have, know you have multiple pension pots but are not sure what it adds to up to, or you might know exactly what you have and where.

What the research considers to be “comfortable” might be considered the minimum for some people. When can you access your pension plan, and does your pension provision reflect the way you are hoping to live in retirement?

Who needs a pension review?

Whatever your situation, we advise having a yearly pension review. Your needs and requirements can change and so does the financial environment we are dealing with. There may be tax benefits and allowances you can take advantage of. You’ll also want to be sure you’re not exceeding any allowances and incurring penalties that could be easily avoided with the right advice.

Rules and regulations around pensions can change. If you are part of a workplace pension scheme your employer may make changes that impact you. It’s important to be fully aware of all the outside influences at play.

Why should I get a Financial Adviser to look at my pension provision?

A Financial Adviser knows all the right questions to ask – and should have the answers to most questions that come up during a pensions review. And for any particularly tricky questions, we’ll know exactly where to go to find the answers. We can run the numbers and project what you’ll have and for how long to identify any shortfalls.

Invest some time in sitting down with your Financial Adviser, or “wealth coach”, once a year to go through your pension situation. You’ll be investing in your financial security, ensuring you maximise your pension benefits, and you’ll avoid making costly mistakes.

At Paula Bicknell Wealth we offer an annual pensions review as part of our service. If we think you would benefit from making some changes, we will tell you. If we think everything should stay exactly as it is for another year, we will tell you. You have nothing to lose and everything to gain.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

Are you ready to get your pension on track?

Are you ready to start working with Paula Bicknell Wealth? Why not get in touch today and find out how we can help you make better decisions for your financial future? We are based in Theale so if you are local to the Reading area we can meet in person if that is your preference.

Please note that clicking a link will open the external website in a new window or tab. Links from this website exist for information only and we accept no responsibility or liability for the information contained on any such sites. The existence of a link to another website does not imply or express endorsement of its provider, product or services by us or St. James's Place. 

¹Loughborough University, February 2024