It’s important to identify and understand each section of your pension holdings;
– Which Pension wrapper do you currently have and why? As there are various forms of pension contract that have allowances.
-What is the risk exposure to your holdings? Are you taking too much, or indeed not enough risk?
– Is your pension managed, and if so by whom? Many old pension contracts have ‘growth fund’, ‘tracker’, ‘with profits’ or ‘managed 40/60’, but what does this mean, and what are they investing in?
– Do you have the correct retirement age set? Some pensions must start at a certain age, and this may not be beneficial to you if you’re still earning. You may be paying too much tax on the income.
– Importantly, do you know what your options are at retirement? Remember, if your pension statement has told you what to expect at ‘retirement age’, this is only one forecast. If you’ve had the pension for a number of years, you’d have to be particularly lucky to have the best offer in the market place still….
It is quite simply invaluable to have an expert look over your portfolio for tax, risk and performance comparison analysis.