It can be important to review your pension plans to see if you’re on track to reach the retirement you’d like. If you’re not sure, there’s a possibility it might not be set up in the right way for your personal circumstances. For example, you might be taking more (or even less) risk with your savings than you’d like. You might also be paying higher charges than you need to.
There are ways to check how much money you might need to achieve your ideal retirement lifestyle. This is something a financial adviser could talk you through. They could also help you to think about the financial impact of future unknowns. Such as what you’d do if you or your partner needed long-term care later in life.
The 2015 pension freedoms give you a lot more options over how you could use your pension. Although it has made it more complicated too. So it could be benefitial to work with an adviser to see if you could make the most of pension freedoms.
Skipton Building Society’s team of financial advisers are dedicated to helping their customers plan their financial future. They will present solutions that suit your circumstances. This might include investing into an extra pension to support your plans. Skipton could provide financial advice to help you make stronger plans for your financial future. They will take the time to listen and understand your situation and make recommendations from their panel of carefully selected providers.
Skipton also offers a Pension Review Service that can support you. All you need to do is provide details about the pensions you have. This allows their in-house experts to analyse the strength of your plans.
If there are any gaps between your savings and retirement aspirations, you could receive no-obligation advice on your options. There’s no upfront fee to pay to hear these personalised recommendations.
Please bear in mind that a pension is long term investment and your capital is at risk. Your fund value will fluctuate and can go down. Your eventual income will depend on the size of your pension fund at retirement, interest rates and tax legislation.