How do I find my pension?

Have you got a personal pension plan but you don’t know its where abouts? Do you want to find it but don’t know where to start looking? This article will help you find your personal pension plan and how it’s performing,

There are a couple of options available to you when you want to trace a pension, you can either go to the Gov site and they offer a free pension tracing service which will help you find your pension and the company who deals with it, alternatively you can get your pension traced and reviewed by an independent personal financial advisor again this is all free.

Senior and his pension plan
photo credit: Alex E. Proimos

Independent trace and review VS Gov pension tracing service

Gov Trace offers

The government tracing service is what it is they will tell you where you pension is and its value and you won’t be provided with much information about its performance and how it’s got the value it is today.

Independent review

An independent trace and review will give you much more detailed information as their plan is to get you to move your pension from one plan to another one that will give you a better return, although they offer this you can still refuse if your happy with your personal pensions current performance, and it still hasn’t cost you a penny. You will be given the following information by an independent personal financial advisor

  • Your management fee costs
  • How much money you have put in personally
  • The money made from your investments
  • Offer you better plans
  • What your expected income will be when you hit the retirement age

Why should I use an independent review and trace over the Gov?

You should get an independent review for a number of reasons the benefit is much greater and they don’t have to hide anything like your current providers will, and the Gov pension tracing service won’t give you an in detail report of how your pension is performing.

An independent review is an insight into your personal pension plan and it will help you to find out all the information necessary to improve it if it’s possible.

Why you should review your pension today!

You should get your pension reviewed at least once every two years, this will help you secure your retirement and ensure you have good cash flow once you have gone into retirement and it allows you to retire early if you wanted or if your pension isn’t worth the amount you want you can continue to work and make investments.

Currently there are 80% of personal pensions that are currently in an underperforming state, and the people who occupy these pensions do not know that they are either losing value in the personal pension pot or the gains are little to none.

You should treat your pension like it was a money tree, you can only harvest it once it has fully bloomed and if you neglect it, it will never give you a good harvest you should track and create milestones reaching them is like a burst in growth for your money tree making it healthy and giving you the opportunity to again increase your earnings by using that extra money to make more money.

Not all investments are the same and some may drop in value completely. So monitoring these investments is an absolute must! You wouldn’t buy a new car and leave it at the road side all of its life so why not start to maintain your pension as you would with your car.

About the Author: This article was written by Anthony Lea who is an independent personal pension review specialist

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