Your pension is one of the biggest, if not the biggest investment that you will make during your lifetime. After all, many of us spend our full working lives, which may be 40 to 50 years, saving for a good lifestyle in retirement. It is certainly a financial commitment at least the size of a mortgage.

However a pension is very different to a mortgage. When you buy a house, you get a mortgage and start paying it off bit by bit. After a while it becomes another (albeit large) monthly bill. Some people start their pension and approach it the same way – setting it up and then more or less forgetting about it. They think then that they have their retirement sorted… However unlike your mortgage, you have to keep an eye on your pension and review it regularly. In fact if you are working with a Financial Broker like Atlantic Financial Services, we will usually look to review it with you every single year! Why?

You need to review your contribution amount
People who start their pensions when they are young are very forward thinking people! However the likelihood is that as it is still early in their careers, their salary levels are probably quite modest. And as a result, so too are their pension contribution levels.

While it is great that people start this saving early, the quality of your retirement will be determined largely by the amount saved each month (as well as the growth on the contributions). So obviously as you start to earn more money, it makes sense to review your contribution levels in line with your increased income.

Are you still in the right product?
Circumstances change during your career. You might be employed in your early career before striking out on your own in self-employment. Maybe your circumstances then further change and you end up as a company director. All of these changes can have a significant impact on identifying the optimal pension structure for you. Of course your Financial Broker will review all of this as a part of a regular review meeting with you.

The risk profile of your funds
As we get older, our willingness to take risk will often reduce. The last situation that any of us want is a big drop in our pension fund close to retirement, when we don’t have the time to recover the situation. However many other circumstances in our life also influence our risk appetite – for example the other investments that we hold and our prior experiences. A regular review will tease out how well your pension fund matches your risk appetite.

Tax rules change
And then of course there are tax rules. Tax relief limits, rates, maximum allowable contributions, pension fund thresholds, tax free lump sums – the list is endless and the detail is always changing. A pension review will identify the impacts for you.

Can you afford not have a pension review in 2016?

 

You can also contact Atlantic Financial Services on 1890 929 193 or email info@atlanticfinancialservices to avail of our Pension Review Service.

 

Latest From Our Blog

  • Buy Out Bonds Explained

    Who qualifies?

    A Buy Out Bond is a pension bond into which you can transfer your fund if you leave your company pension scheme.

What Our Clients Say About Us

testimonial"We approached Terry at Atlantic Financial Services about our company pension scheme a number of years ago and he provided a much improved offer for our employees. The complex area of pensions was and continues to be clearly explained to all involved. We would highly recommend the service and attention to detail we received."

Our Company

We are a vibrant and innovative financial services company providing independent financial planning in respect of pensions, investments, mortgages, life assurance and group schemes.

Contact Us

Newsletter Sign Up

Visit Us


View Larger Map