The average person has 11 jobs in their lifetime*. Auto-enrolment regulations mean that employees typically start a new pension with every employer. This means that keeping on top of all your pension pots can be hard work. Billions of pounds in pension savings are estimated to be lost in the UK*.
Check the flexibility of your pension
Old pensions may not give full flexibility for you to access your savings. Flexible access drawdown was introduced in 2015, if your pension scheme is older than this then you may be unable to access some of your funds and leave the remaining invested. You may also be unable to leave this pension to your loved ones when you die. At Four Wealth Management, we can request information on your existing pensions on your behalf and let you know what your current scheme offers you and make you aware of any limitations.
Book a no-obligation review of your existing pensions
Check the charges on your pension
All pensions incur charges, however you may not be aware of what charges you are paying to your provider. Some older schemes have higher charges than new ones which could impact the growth of your pension over the long term.
A financial adviser at Four Wealth Management can compare your current fees with a St. James’s Place pension and see if you can benefit from taking financial advice.
Consider consolidating multiple pension pots
If you do have several small pensions from multiple employers, a financial adviser at Four Wealth Management can review all of them. They may suggest that you combine your pensions to make it easier to manage.
Review your existing pensions now
At Four Wealth Management, we offer a no-obligation meeting to review your existing pension policies. Your adviser will then write to you with their recommendations and there is no pressure to proceed.
Book a no-obligation review of your existing pensions
*Gov UK, 2014 ‘Thousands more make contact with long lost funds’
