Pensions: Making the Most of What’s Yours.



Posted on: 13th July 2015

Ignorance is bliss – three words that simply cannot and should not be heeded when it comes to looking after your pensions.

The simple fact of the matter is that anyone looking to get the most out of their pension should be taking the time to review exactly what’s happening and what’s to come on a regular basis. If you notice a problem or a shortfall, action should be taken immediately. But even if things seem to be ticking over as they should be, there are still various ways and means by which you can bolster the chances of your pension delivering the income you wanted and expected come retirement.

Monitor Performance of Pensions.

In order to get a good idea of how your pensions are performing, you first need to have a clear goal in mind. After this, it’s a case of speaking to a professional financial adviser to help take a look at the ins, the outs and indeed the projections with regard to your current pensions in order to ascertain whether the goal is realistic. And if it isn’t, they’ll also be able to help formulate a plan to put your pensions back on track with their respective goals.

Getting More From Your Pensions.

In terms of what can be done to get as much as possible from your pension pot, there are plenty of options which in many cases can be considered right up until the very final years prior to the funds being accessed. These include but are not restricted to the following examples:

Increase Your Savings.

The most effective, common and indeed obvious of all options available to you, the more money you pay in during the closing years of your working life, the more you’ll have to play with. Don’t forget that tax-relief and other contributions will bump up anything you pay in, so it’s a case of every little bit helping in a big way.

Tax Relief.

Don’t forget that not all of the tax relief you may be entitled to will be paid into your pension fund automatically. If you’re a higher-rate taxpayer for example, it’s up to you to make sure you fill out the necessary tax return properly to ensure you don’t miss out on what could be some seriously hefty contributions.

Review Your Investments.

If you have any say in the way in which your pension pot is invested, it’s again up to you to review the situation and make any beneficial moves accordingly – the same also applies to any other personal investment funds you have up and running. Remember that it’s not as advisable to take risks in the later years toward the commencement of a pension-based income, so it’s a good idea to seek independent financial advice to eliminate any unnecessary gambles.

More often than not, simply leaving a pension or any number thereof to its own devices will yield little other than missed opportunities and the taking of unnecessary risks. There’s no time too early or too late to seek advice in order to find out what could work in your favour, so why not make today the day you make that all-important call?