No aspect of your finances should be left alone and shoved in a drawer. In this day and age everything connected to your financial planning, and especially your pension, should be reviewed on a regular basis by a qualified pensions adviser who provides pensions advice local to Lichfield or near to where you live.
If you have a pension with an old employer you may think that you have got your retirement planning sorted. To be absolutely sure, it is prudent that you ask a local retirement adviser, such as one of the experienced financial advisers in our team in Lichfield, to undertake a review.
You may not know about all the changes that have occurred in the pensions arena in recent years. You could find that your old pension incurs more charges than a modern pension, or that your loved ones will not get your pension should you die. Pensions advice in Lichfield is a real must do.
Let’s explore in a little more detail what might happen if you die. If you have an older-style pension you could find that when you pass away your pension just stops being paid and the pension company gets what is left in your pension pot. With a modern pension plan if you die your family should get what’s left and they will get it in an Inheritance Tax friendly way. That’s just one reason to get pensions advice in Lichfield.
With an old pension you may find that the funds the pension is invested in are no longer the right ones for you, or that it isn’t flexible and drawdown friendly. If you are not familiar with the word drawdown, this is another way to get your pension rather than buying an annuity, which is how most older-style pensions are set up.
Did you know that you can have your pension reviewed at any time? And, if it is appropriate for your circumstances, you can decide to transfer your pension to a plan that is more suitable for you.
If you have not had an old pension with a former employer reviewed ever, or during the past few years we strongly suggest that you get pensions advice in Lichfield.
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
Transferring out of a Final Salary scheme is unlikely to be in the best interests of most people.
The Financial Conduct Authority does not regulate on Estate Planning.