When you have changed jobs you may have left behind a pension with your old employer. If you have changed jobs several times you may have pension plans with several of your previous employers.
You may not have reviewed these pensions, no matter how large or small, for a number of years. You may be assuming that your previous employer is taking care of them on your behalf. The problem is that the pension may not be invested in funds that reflect your risk profile, especially as you get closer to retirement, and they could be in old pension schemes that incur high charges, which eat into the value of your pension pot.
One of our Financial Advisers, who give financial advice local to Sutton Coldfield an across the area, can take a look ‘under the bonnet’ so to speak. They can review all of your pensions no matter where they are held and find out how they are performing for you. They will be able to explain what you’ve got and, depending upon your unique circumstances, advise you on whether to keep them where they are, or if there are other pension funds that you can move them to that will give you a better return. It is always wise to regularly review your pensions and other investments to ensure they are on-track to meet your goals.
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.