How can I improve my pension?
Having an existing pension arrangement is the first step towards securing yourself a better retirement, but is it really working as hard for you as it should? If you do not regularly monitor or review your pension then you could end up losing out when you come to retire. A difference in growth of just 1% of your fund, could result in a difference of thousands of pounds over several years. Take a look at the example below:
These figures exclude charges but this also serves
to demonstrate the importance of low costs.
After 15 years growth at 7% per annum the fund value is over £34,000 higher than if it had grown at 5% per annum. On larger pension funds, over longer periods of time the difference could easily be several times higher.
Many older pensions are also plagued with high charges that eat into your fund and the contributions you make, again further limiting the growth potential of your pension. But, following the introduction of stakeholder pensions in 2001 and the emergence of low cost Self Invested Personal Pensions (SIPPs), it means you no longer have to suffer the high charges that erode your investment before you've even got started.
If you're not happy with your current pension(s), whether it's because of poor performance or high charges you may want to consider transferring the funds to a new pension. It's surprisingly easy, and by transferring to the HL Vantage SIPP for example you will likely benefit from lower charges and a far wider choice of where you can invest your money.
Why not take action today?...Call us to find out more about transferring an existing pension. It's YOUR retirement at stake.