Could you benefit from a Pension Review?

Retirement is often seen as a reward for all those years you spent working hard. Having a good pension setup in place can therefore provide you with funds you need for a hassle-free and comfortable retirement.

The importance of having a pension in place is something we’ve always placed a great emphasis on here at Skipton. But after the events of 2020, we feel it’s more important than ever. After all, we can all agree that this year has shown you never know what’s around the corner.

When the stock market fell back in March, nearly £20,000 was wiped off the value of the average defined contribution pension pot for savers in their 50s.

So if you have an existing defined contribution pension, whether that’s private or a workplace one, it’s worth checking where you stand at the moment – no matter how far away or close you are to retirement.

Know how much you have saved?

According to the Pensions and Lifetime Savings Association more than half of UK workers don’t know the current size of their pension pot.

It’s easy to let your pension fall by the wayside. Retirement often seems like a faraway concept and its common practice to think that you can simply put a pension in place and leave it unattended for years on end.

Yet in reality, getting all the numbers together on how much you’ve saved over the years is very important.

Podcast - Is my pension working hard enough?

Your pension is probably the biggest investment you’ll ever make. So how can you be sure you’re making the most of it? Skipton’s experts share their insights and tips on making plans for retirement.

Listen now

The other things to consider...

Pension planning more than just about the balance you see in front of you. There are lots of other things you need to consider when it comes to saving towards retirement.

  • Are you paying enough into your pension to achieve the eventual retirement lifestyle you want to live?
  • How is your pension pot currently invested – including if you’re comfortable with the level of risk you’re taking?
  • Have you forgotten about any old pensions?
  • What fund management charges are you paying?

Keeping tabs on your pension is important if you want to maximise your chances of a comfortable retirement – and with Skipton it may be easier than you think. Speaking to an expert can help you to unlock what it all means for your future – and the next steps you could take to strengthen your plans.

You’ll be pleased to hear we offer a Pension Review Service

We’re here to help you review and strengthen your financial plans with a few simple steps. We offer a special pension review service that can help you by reviewing your defined contribution pension plans. Please note that we cannot review defined benefit plans.

Even better, we’ll do all the hard work.

All you need to do is:

  • provide a few details about any defined contribution plans you have, and we will contact all your providers on your behalf. They will provide us with detailed information, which will allow our in-house experts to analyse the strength of your plans.

Once this research is done, we’ll provide you with a personalised report about where you stand. And if there are any gaps between your savings and retirement aspirations, we can provide you with no-obligation advice on making better plans. There’s no upfront fee to pay to hear these personalised recommendations, you'll only be charged if you decide to take our advice.

The research takes a few months to compile. But at the end, we promise you’ll be in a position to make more informed decisions about your future.

Please bear in mind that a pension is a long-term investment and your capital is at risk. Your fund value can fluctuate and can go down. Your eventual income will depend on the size of your fund at retirement, future interest rates and tax legislation.

Get in touch and get started

For more information on our service and to find out whether you could benefit from financial advice, call our team today.