Call Richard Cook: 07770 575 122

email: richard@theinvestmentandretirementcoach.co.uk

Financial New Year’s Resolution #3 – sort out those old pension plans

AngerYes I know this was the subject of a blog only a few weeks ago. If you didn’t see it here is the link.

None of this is complicated. It is indisputable that in the vast majority of cases pension plans taken out a few years ago, whether personally, or through an employment arrangement, are not competitive and will not produce the results which could be achieved by transferring to a modern plan.

Nearly everyone I talk to about this tells me they know they should be doing something about this but they haven’t got around to it yet. The traditional pension providers love this. They have been ripping the public off for years and will continue to do so whilst apathy rules.

This drives me mad. It is your money. You worked hard for it and yet you are allowing high charges and poor performance rob you of money. Isn’t it time you got mad and did something about it?

If you have an adviser you know, like and trust ask for his/her input. Most will offer you a free initial consultation. But be very inquisitive about their transfer and ongoing charges. If you are not careful those charges could wipe out most of the benefits of a transfer.

A better answer may be one of the “no advice” platforms such as Hargreaves Lansdown. There should be no charge for transfer and plenty of guidance about the transfer process and selection of funds. If you find that all a bit much I can guide you through the entire process. Just text PENSION TRANSFER to 07770 575122 and I will get back you.

Perhaps this should have been #1 on my list of resolutions… the numbers can be huge particularly if you are a number of years away from retirement. A reduction of 1% in charges and an improvement of 1% in performance could bring your retirement forward or give you a lot more money to enjoy in retirement.

If you are fortunate enough to have built up pension benefits from past employments put “sort out pension plans” at the top of your resolution list and just get on with it.


This document and our on going services are not personal advice. We'll give you all the help and guidance you need to make your investment and retirement decisions, but we can't advise you. If you're not sure whether you need regulated financial advice we can put you in touch with a suitably qualified and experienced regulated adviser. Because we are not regulated by the Financial Conduct Authority you will not have access to the Financial Ombudsman Service in respect of any complaints. If you use one of the "no advice" on line services to handle investment transactions they will be Regulated and you will have access to the Ombudsman and The Financial Compensation Scheme in respect of their services. The value of investments/pension plans can fall or rise depending on market performance. The Retirement Team and The Investment and Retirement Coach are trading names of Capture Success Ltd Reg No 01825075 Tel 07770575122

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