Pension Review Service

Quick Quote Life can provide all the informaiton you need to know about Pension Reviews and help you to understand your retirement fund. If you are unsure about how your pension grows, what a pension is, or how to manage your pension then read this article or speak to one of our advisors. 

Pension Review Service with Quick Quote Life

  • No Obligation

  • Free Pension Review Service

  • Independent Advice

What is a pension?

A pension is a tax wrapper that provides tax relief on payments into your pension fund as well as 25% tax free drawdown from your pension fund after the age of 55.

The pension itself isn’t a financial product and therefore cannot perform badly or well, it is simply a tax adjustment.

However, there are a variety of pension types and the way in which they are accrued relies on one thing: investment.

An investment, as opposed to a pension, can have different levels of performance that are based on risk.

Therefore it is important to recognise that the pension itself cannot underperform, it is the way in which your money is handled that can result in an underdeveloped retirement fund.

There are certain types of pensions such as ‘final salary’ and the basic ‘state pension’ in which your cash is not invested. You may still wish to explore your options and figure out the best way to build up a decent pension fund that can support you in your retirement.

One way to do this would be to seek out the advice of an IFA (independent financial advisor), although they can no longer accept commission and so now charge an upfront fee.

Your other option would be to use a free pension review service.

Why have your pension reviewed?

A pension review service would look at the type of pension you have set up and the savings pathways it employs. You can then be advised on how to improve the value of your pension fund or whether it is already performing as well as it could be.

It is typically good practice to review your pension at some point.

As you are automatically opted in to government pension schemes, it is important to know exactly what is happening with your money and how you will be able to access it in the future. As of 2018, NEST pension reviews can be carried out to determine how much you are paying in and what level risk you are currently investing in.

 A pension review service can help you understand the savings pathways you are investing into and offer you further advice.

A pension review can evaluate the following:

  • Whether your current investment pathways suit your preference of risk levels
  • What your fund management charges and annual fees are – they could be disproportionately high for the level of risk you have opted for and the amount of money you pay in.
  • If the amount being saved will be appropriate for your retirement needs
  • Where your pension fund is being invested into and whether you are happy with it.
  • Whether consolidating preserved/frozen pensions from previous jobs into one big pot would be financially worthwhile.

Types of pension

You may have an unfunded public sector pension that relates to your career such as teacher’s pension or an NHS pension – you cannot transfer these. You could have one relating to your circumstance such as a widowers pension. They are all pretty similar in structure and involve the tax relief element. What really changes a pension type is the way in which your fund is invested or managed, these include;

Workplace pension

This can be either trust based or group, in which you and your employer make regular contributions to your pension fund which is then invested by a pension company until you retire.

Stakeholder pensions 

Like a workplace pension you won’t have to decide where your cash is invested but may benefit from flexible contributions and capped charges.

Sipps (self-invested personal pensions) 

With self-investment you will decide where your pension pot is invested and will be responsible for the growth of your own retirement fund.

State Pension 

Based on your life time National Insurance payments, a state pension will pay the basic £165.35 a week once you hit state retirement age.

Final Salary 

This is typically an entirely employer based scheme in which the employee rarely pays anything in. You will typically get a percentage of your final salary before retirement.

Annuity

Is when you sell your retirement fund to an insurance company in exchange for a life time regular income till death.

Quick Quote Pension Review

Our service is won’t cost you anything and is obligation free. If you do chose to go with our recommendations then we will charge a fee which will be broken down in detail for you.

If you are unsure then our number is free phone. Speak to one of our advisors and they can give you more information.

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We all want peace of mind when it comes to talking about our pensions. 

Here at Quick Quote Life, we will review your pension arrangements, we will look at you current conditions and your retirement needs. From there we can make recommendations to you on how you could get more from your pension.

This service is initially free and no obligation, if you choose to proceed we will outline any fees before you sign up for our service.

You will be able to talk to one of our advisors who can talk through your possible choices and help you make the best decision once answering a few simple questions.

Our pension review service

A pension scheme with high annual charges can reduce your overall pension fund over time.

If your pension is underperforming it can leave you with much less in retirement than you first expected.

Our pension review is designed to tell you what’s working in your pension and what isn’t working.

More and more clients are telling us that ‘review my pension’ has been on top of their to-do list for a while but they just haven’t had the time or the expertise to do it.

This is where we come in with our free no obligation review.

We will contact your existing pension provider, get all the details we need, from there we will analyse your pension and tell you what’s best for you.

If we think we can improve your current plan, we will tell you.

All of this information will be provided over the telephone and then you will get a full report in the post.

You make the decision if you want to go ahead with any of our recommendations made 

For more information on our Free, No obligation pension review why not speak to one of our advisers now.

 

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