5 Reasons Why You Should Have Your Pension Reviewed

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Here at Quick Quote Protect, we offer a huge range of products on life insurance, but we are also keen to help ensure that your financial stability is good throughout your life!

Making sure that you have a good pension can make all the difference between an enjoyable retirement and a struggle – so be sure you know your options and keep up-to-date with your pension regularly.

What is a pension?

A pension is an investment-linked savings account that is designed to replace your salary upon retirement, giving you money from your 70s onwards. There is a government-run state pension that is paid for by your National Insurance contributions throughout your working life, but this only provides for a basic standard of living and should definitely be boosted with a private pension.

Under the Pensions Act of 2008, every employer (and employee) must pay regularly into an employee pension scheme throughout their working life. Pension contributions are taken from your salary prior to income tax and are therefore a very good way to save your money.

But simply left to itself, a pension is no good – like any financial product, it is important that you understand your money and what you are doing with it, or you could be losing out!

Why it’s important to review your pension

Reason #1 – Know how much money you will have for your retirement!

It’s a scary fact that when you ask most people how much money their private pension will pay them upon retirement, they won’t be able to answer – and many don’t even know how much the state pension pays. How can you possibly plan for your later luxury years if you don’t even know how much money you have in your pension?

The first thing our no-obligation pension review will tell you is how much is in your pension and, from that, how much you can expect to have to live on.

Obviously, however, all figures for future returns are estimates and should not be considered guaranteed.

When looking for reasons why you should review your pension, simply knowing how much there is should definitely come top of the list!

Reason #2 – Make sure you are making good investments

In their simplest form, pensions are little more than savings accounts. There are some special rules regarding tax, but it’s not unreasonable to see them in the same way you would any other savings accounts.

Most pensions, however, use a percentage of the capital as investments and the choices of those investments will depend on your pension provider.

By having a pension review, you can make sure that those investments are the very best they can be, and that you agree with them. There are many who have strong views about where their money is invested on a moral basis – do you know what your pension money is funding?

Our pension advice service means we can look together with you in detail regarding your pension investments and make sure the money is being used in the best way for you.

Reason #3 – Make sure the money goes where you intend it to when you die

Like with life insurance, your pension will have a beneficiary who will receive any remaining funds following your death – and just like unchecked life insurance, a pension that was last reviewed and adjusted many years earlier may be set to pay someone you no longer wish to receive your money.

Shockingly, millions of people in the UK have pensions that will pay an ex-partner on their passing rather than their current family!

Reason #4 – Make sure your money is coming to you

Pensions often come with fees and charges – this is only fair for the service that they provide, but are those fees higher than you could otherwise be paying?

A pension is accrued over your entire working life. While the difference in fees may seem small, once you look at the total that could be lost over forty or fifty years through poor provider choices, it could add up to many thousands of pounds.

At Quick Quote Protect, we can help you by looking at a range of pension services and making sure you are with the company that best reflects your needs, with costs that you agree with.

Reason #5 – Because you grow and change

Whether it is in terms of the way you see risk, or because you change your outlook in other areas of life, the chances are that the person you were when the pension scheme was first chosen is not the same person as you are now.

By performing regular reviews, you make sure that your pension reflects the person you are today and is not set by someone with less experience and different priorities.

A no-obligation pension review with Quick Quote Protect

At Quick Quote Protect, we provide a free pension review service. Our specialist advisors will speak to you regarding your exact needs and help you understand all the finer nuances of your pension choices. Our initial advice is free – if you want to take our advice and go ahead with our sevices to ensure a better pension, fees may apply. You’ll be informed of any fees along the way, so there are no surprises.

We recommend that you take the time to have a good look at your pension once every two to three years – it’s not a long process and it can make a huge difference on your life once you reach retirement age.

Pensions and life insurance

As life insurance specialists as well as pension advisors, we can work with you to make sure that you have the best all-round package designed to protect you and your family from any financial difficulties. If you don’t already have a life insurance policy in place, why not discuss that with us at the same time as your pension review?

Remember, you’re under no obligation with us – simply give us a call to find out more. Or, if you prefer, fill in our contact form and one of our friendly and expert advisors will get back to you at a convenient time.