What is your new year’s resolution? Is it to start exercising? Go on a post-Christmas diet? To always put the top on the toothpaste? Or to take up a new hobby? Whatever your resolution, have you thought about reviewing your pension?
If you bought an investment property, would you leave it and expect it to return money year on year? What if you didn’t visit it for years? You didn’t maintain it and didn’t update it. Could you expect to get a return equal to a property that was maintained, cared for, updated?
If someone handed you a pot of £50,000 would you look after it or pop it to one side and forget about it?
Many people pay into pensions for years. However, even when they are paying into a pension they may not take much notice of where their money is being invested. They probably won’t know whether their pension is dated or has the new features aligned to pensions freedoms. It is unlikely, they will know the charges they are paying. It is therefore even less likely that individuals know all of this for pensions from previous employers that they are not paying into.
A vast amount of wealth is held within pensions. Like an investment property or a pot of money, they will not achieve their full potential unless they are looked after and nurtured. When did you last review your pension? Is now the time?
If you would like to review your pensions or would like any other financial advice, contact me for a no obligation complimentary initial meeting.