Get A Pension Review Now, Enjoy More of Your Retirement Later

Pension Review

If you’ve had your pension for some time, you will hopefully be well on your way to building a comfortable-sized pot for your retirement. But will it have as much in it as it could have?

You can increase the final amount of your pension without having to increase your monthly investment. The first step in achieving that is to get a pension review.

A pension review will highlight the two most important aspects of how your pension pot is performing:

  1. Where your pot is ‘leaking’ money, and
  2. How you can increase its fill, without having to invest additional money

Unlike a bank account account, which just accrues interest over time (often very low interest), a pension has the potential to increase exponentially due to the compounding effect. How much it increases is largely dependent on how your money is being invested.

If You’re Still Building Your Pot, There’s Still Time To Increase It

If you’re not ready to draw your pension just yet, it’s well worth making a pension review a priority. A pension review will show you how your pension is currently performing and compare it to how it could be performing.

The difference can often be rather surprising.

That difference today can turn into a significant difference when it comes time for you to retire. A few smart moves now can mean the difference between a retirement that requires you to watch every penny you spend versus a retirement that allows you to live life the way you like to live it.

How Does A Pension Review Work?

A pension review is quite simple really and it won’t cost you a penny. How can this be so?

All you need to do is sign what is known as a Letter of Authority (LoA). This allows us to look into your current pension plan and related finances to see how well they’re performing. You’ll find out if you’re already getting the best deal or whether there are better alternatives for you.

If we find an alternative option that would give you a greater return than you’re currently getting — and you decide to switch to that better deal — we will earn a commission.

If you decide to leave your pension where it is, you won’t pay anything for having your pension reviewed.

You can read more about how it works here.

What Factors Can Affect The Value of Your Pensions?

There are several factors that dictate how much money you will receive every month in your retirement. A pension left unchecked right now can end up being a pension that provides you with the basics, but doesn’t allow you to live the life you’re probably accustomed to living.

The main factors that affect the value of your pension are:

  • Where and how your pension pot is being invested
  • The returns you are getting from those investments
  • How much you are paying in fees and charges for your pensions
  • Knowing exactly how much money you have saved in all of your pensions and other savings
  • Knowing how much income your current pensions are projected to give you in your retirement

Where Your Money Is Invested and The Returns It Gives

You could be forgiven for thinking that ‘a pension is a pension is a pension’, or that all pension firms invest their clients’ money the same. Neither of these assumptions are entirely true.

Just as some sports stars keep winning and winning, so do some pensions outperform others. When you pay into your pension month by month, it’s down to the firm holding that money for you to make the wisest investments that provide you with the greatest returns.

Management Fees and Charges

A good pension isn’t just about how much return you’re getting on your investment, it’s also about how much you’re paying out in fees and charges. Is your pension pot ‘water tight’, or does it have leaks?

If you’re paying over the odds in fees now, it’s going to have an affect on how much you can draw from your savings later on — when it really matters.

It has happened more than once where the fees being paid for a pension have outweighed the returns. Clearly this is not a good situation for the client that is expecting their pension to grow over time rather than shrink.

When you combine any fees and charges with current levels of inflation, it can become quite a problem. An Oracle Pension Review will look at the fees and charges your current pension is incurring and what benefits you are receiving in exchange for those fees.

You’ll learn exactly how much value for money you’re currently receiving compared to how much you could be receiving if you had your pot being looked after by one of the alternatives.

Knowing How Much You Have In Your Pensions

Once you’ve looked at where and how your money is being invested, along with how much you’re paying in fees and charges, you are in better control of your retirement. This can only be a good thing.

Many people pay into their pensions month after month, but don’t have a very good idea how much they have accrued over the years. It’s easily done, but if it isn’t handled soon, it can be a nasty shock when you find out there’s less in the pot than you were expecting.

A pension review will bring everything into focus for you. Not only will you discover where and how your money is being invested, you’ll also discover what the net result of it is.

A pension is like any business: When you reduce costs in one area and increase returns in another, such as how your money is invested, the compound effect of additional savings combined with additional returns produces a compound effect.

A few simple adjustments now could mean the difference of as much as 20% to your final amount.

Oracle Pension Review Summary

Have your pensions and finances reviewed by Oracle Pension Review and take full control of your retirement.

You won’t pay anything for the review and it will highlight the following key areas for you:

  • Whether you’re getting the best return on investments, or whether there are better alternatives available to you for the same investment.
  • How much you’re paying in fees and charges and if there are also better alternatives for this as well.
  • What your projected final figure will be and how much you are likely to receive on a monthly basis in your retirement.