Benefits of pension reviews
- 4th December 2018
- Posted by: Celticfp
- Category: Pensions
It may not always be on the top of your agenda, but it’s essential that you review your pension / retirement regularly. Why? well if you find you have a shortfall, you can take action. Even if your retirement savings are broadly on track, you can still take steps to make it more certain that your pension pot will be able to achieve the pension income you want when you retire, whenever that may be.
Here are some of the factors you might want to consider when conducting a review:
- Take account of your pension performance
Pension performance is a huge factor when reviewing your pension, if your retirement monies are under-performing then you might have to be saving more to makeup the shortfall.
- Claiming all your tax relief
If you are a higher rate taxpayer making pension contributions to a workplace or personal pension, you’ll automatically receive basic rate tax relief on the contribution. However any higher rate tax will need to be claimed on your self-assessment tax return, this is often over looked.
- Review your pension charges
Often older pension schemes are not as competitive as more modern pension plans, furthermore you could be overpaying fund charges, which can cause a further drag on your pensions performance.
- Increase your monthly savings
Without regular pension reviews you dont know if your saving too little or too much, ongoing projections can help ensure your saving enough on a regular basis.
This Article is for information purposes only – should not be perceived as financial advice. We recommend you should always speak to a financial adviser before making any investment decisions.
Please note past performance is not reliable indicator to future returns.
Your investment may fall as well as rise and you may not get back what you put in.