Over the last year or so, I’ve heard a lot more talk from my contemporaries and near contemporaries about retirement plans. I don’t know if it’s something about hitting 50 years of age, but there’s definitely been quite a bit of conversation about pensions. One of my former school classmates, a long-serving police officer, has already retired. Older friends are taking early retirement; working part-time and claiming a pension; or are intending to carry on working for a bit longer yet either because they want to or because they can’t afford not to. It’s all certainly made me think a bit more about my own plans and I’ve been considering what I want from my retirement years.
For many years I used to work in financial services, and even dealt with pensions as part of my job at times, but pensions are very complicated to understand. There are so many options available to you: so many providers and since pension freedoms were introduced, there are so many more things you can do with your pension pot. There’s a lot to weigh up and keep up to date with, so it’s a field where you need to take advantage of expert advice.
I need to know where I am at with my pension. I want to know that my money is working hard for me and helping me provide for my future. Even with a fairly straightforward employment history, I have a few different pots of pension money scattered about. If you have moved around a lot of jobs, you might have even more. I want to know whether it is best to leave them as they are or move them all into one fund. I want to make sure I am investing in a fund that is performing well, so that my money grows well over the years I have left until retirement. I want a pension that is flexible to deal with my future needs, so that I have enough money to have a bit of fun after I finish working, but that will also let me leave what’s left over to my family.
One of the problems I’ve had is finding the best place to get help and advice. There are so many different firms out there offering to guide you, but often it’s difficult to see what the cost of that advice would be because the fee structures are so complicated. Another issue is that an advisor might be tied to one particular company and only able to suggest products from that firm’s range. The chances are that won’t be the best product for you in the market. Add to that the fact that lots of people have lost track of their pensions and finding a path through the pension maze becomes even more difficult. The decisions you make about your pension are some of the most important financial decisions you’ll make, so it’s key to get them right. So I’ve decided to get a pension health check done.
Profile Pensions offer a pension health check, which you can sign up for very quickly and easily. It’s good to know that Profile Pensions are a whole of market, impartial pension adviser (this means they can suggest the best products for you from an enormous range). Since 2015 they have helped over 20,000 people be better off in retirement. They won’t charge you for their service unless they can improve your pension and you decide that you are happy with their advice, so there’s no risk in getting a health check and there’s no money to pay out upfront. Profile Pensions make their advice easy to follow and jargon free, plus they can deliver that advice by post, by email, on the phone, however you prefer. I like the fact that they have a Trustpilot rating of 4.8/5, which tells me that previous customers are happy with their service. Why don’t you sign up for a free pension health check today? It won’t take long and you will be glad that you started getting your pension organised.
Disclosure: This post is in association with Mumsnet and Profile Pensions.