This is a headline from a recent article on UK pensions (by Sophie Page of PensionsAge.com) but given our cultural similarities it’s reasonable to assume that the landscape is similar in Ireland. The article was focusing on workplace pensions (often referred to as company pensions) and stated that around 13% of people do not know how many they hold.
“You wouldn’t just leave a cheque for a few thousand pounds uncashed. So why do we leave old pensions to turn to dust?”
The article went on to outline one of the difficulties being that charges on old pensions can strip away thousands in retirement wealth without the saver realising. Another issue is that with so many different products most pension savers have very little visibility on the adequacy of their retirement savings. Even if you receive annual statements which contain projections, these projections are usually based on you purchasing an annuity at retirement however, the reality is that very few retirees purchase an annuity these days; a calculation based on annuity rates won’t tell you very much.
If you want a central repository for your pensions, an assessment of the adequacy of your pension savings and guidance on what you need to do to achieve your desired retirement income, as well as sound investment advice please contact us on 015461100, by using the contact form on the website, or by email to firstname.lastname@example.org.
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© Highfield Financial Planning 7 January 2020
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