Consolidating company pensions
RISK ASSESSMENT We carried out a comprehensive risk assessment of the investments that Michael held in his pension.
We provided investment advice and Michael was invested in a portfolio that we agreed matched his attitude to risk, capacity for loss and the critical yield required to meet his objectives. REVIEW PROCESS We agreed an ongoing service level with Michael that included meeting up at least once a year to review his pension investments and crucially ensure that his contract is on track to meet his desired retirement income Even assuming the same growth rates as before, the new more efficient streamlined plan is projected to give Michael £66,500 more to spend in retirement Contact us today to find out more and to see if you might benefit from consolidating your pensions. Defined Benefit or Final Salary Pension Schemes carry certain guarantees and benefits that are almost impossible to replicate in the personal pension environment.
Each of these plans or schemes will have different charging structures and each contain different investment funds and options.
Some might be ‘high risk’ while other plans might be sitting in cash.
The other 3 had either not enrolled her, or given her a refund.
Before I revealed figures I asked them both how much money they thought Mrs S had in pensions funds.
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A pension switch or transfer to simplify and align your plans could save you thousands of pounds while reducing risk.We carry out specialist analysis and reporting on old work based and personal pension plans for clients, to assess the suitability of a potential consolidation.Many people have a number of old DC pensions from previous employers, as well as one or more personal pensions.Eventually we ended up with multiple pensions from a list of her 8 previous employers, all of which had pension schemes in place, but Mrs S couldn’t remember whether she joined the scheme, or whether, when she left employment, she had a refund of her contributions less tax.It took Fix My Pension 3 months to track down all the employers, their employee benefit consultants and/or pension providers.