I don’t normally write about financial stuff. However, this is a subject close to my heart right now and I am sure I am not the only one? I always think of pensions as being for old people, old ladies and retirees. At 56 I really should know better; as I am now that woman! So, this year I intend to sort out my personal pensions and update them where needed, so I was intrigued to learn more about Profile Pensions and how they can help…
Where to start? The who, what, why and where?
I must admit I know very little about my own pensions and I only keep track of them via my annual statements. Did you know my age group aka the over 55’s is the worst performing group when it comes to being knowledgeable about pensions? I am not surprised when you consider there are over 10,000 pension schemes and the landscape is forever changing on retirement age, tax and Pension Freedoms. This is where Profile Pensions come in.
What are Profile Pensions?
Profile Pensions is an impartial pension adviser, who have already helped over 20,000 to be better off in retirement. There is no cost for signing up.
Profile Pensions launched in 2015. They will look at the key areas which are crucial to having a pension that is in the best place possible for you. They’ll tell you the key information that you need to know about your pension/s and whether you’d be better off moving it or not. Advice can be delivered via post, digitally or even over the phone.
I am in the at-Risk group, are you?
Women are more likely to be in a pension with more expensive fees than men. This is due to women generally having smaller pot sizes.
Pensions pre 2000 have been found to be the most expensive type of pension.
If you contracted out of SERPS in the 80’s and 90’s there’s a good chance you will be in an older style of pension (with profit funds) this can restrict the returns you get from your pension in recent years.
“If you contracted out of SERPS in the 80s-90s you are most at risk of being in a poorly performing pension.”
How to start checking?
For more information on the benefits of a pension health check please read this useful blog from Profile Pensions to find out more’
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