4. How do you know if your pensions are any good?

 

If you were able to look back on your pension saving plan from your death bed (ugly thought), there would be two things that would matter;

  1. How much you built up in your pension pot
  2. How it met your financial needs in retirement

Most of us are somewhere between starting out and popping our clogs so we have to look forward and backwards.

Although we are always told that the past is no guide to the future, it’s a good start to work out how our pension has done against the average pension and this is something that the AgeWage score tells you. If you give us permission, we will find out how much value you’ve had for your money and compare that to the value you’d have got from a typical fund.

The AgeWage score will tell you how you’ve done in the past and AgeWage can help you understand the costs your paying for the management of your money.

But you’ll also need to know who is going to help you meet your financial needs in retirement. We’re keen to help you there too!  We research pension providers and pick out those we think will help you in the future.

We look for pension providers that have a strong digital focus so that you can take advantage of the new technologies and get your money quickly and accurately.

We look for pension providers with strong personal support for you – the First Directs of pensions.

And we look for pension providers that offer strong stable funds capable of managing your money as you get your age wage.

The choice of who manages your pension fund in retirement may not involve investment at all. We will talk with you about guaranteeing your pension by buying an annuity and we can explain to you the pros and cons of cashing in your pension and managing your retirement finances from your bank account.

We hope that you’ll be able to use one of your existing providers going forward, continuity usually makes sense as it cuts down on the costs of moving money around, so if you work with AgeWage, you can be assured of a firm and frank conversation about your options that won’t be biased in any one direction.

 

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