M&B: Changing the way you think about your pension
Besides your home, your pension is likely to be your biggest asset in life – crucial to supporting your chosen life in retirement, keeping your happy, healthy and as wealthy as possible.
Many still leave their pensions and retirement plans firmly at the back of their minds, representing nothing more than a distant and intangible future, despite perhaps paying thousands into them, year on year.
But by taking control of your pensions earlier in life and by ensuring they are being managed in a way that’s not only suitable for you, but in your best interests, you create an opportunity to stay ahead of the curve, maximising the rewards you’ll reap in retirement.
MacFarlaine and Brooks can show you how…
Pensions and Retirement Planning Services
Pensions and investments are our two specialities here at MacFarlaine and Brooks, with a dedicated team with decades of experience in pensions between them.
Using up to date technology and a wealth of pensions knowledge, we can accurately compare your current pensionwith what’s on the market, aiming to find you a pension plan that fits your needs and helps you maximise what you’ve already got.
Lower Charges from Pension Administrator
If you’ve ever reviewed your car or home insurance online then you’ll know how satisfying it is to save just a few hundred pounds per year.
With your pension, the opportunity to save often runs into the £thousands, especially when you consider the many years left before your retirement.
Let’s say that each year you are charged 2% on your £50,000 pension. That works out at £1000 leaving your pension fund each year!
Charges are sadly inevitable, but by reducing those charges by comparing your pension with the market, a reduction of just 1% would mean paying out just £500 per year.
Over a 10-year period, that would mean the lower charges will have increased your pension by £5,000.
Better Performing Funds
The other great way to help your pension pot develop in-line with your retirement needs is to ensure that it is always invested in some of the best performing funds available on the market.
Another example: let’s say your pot is being charged at 2% per year, but the funds your money is invested in are only producing 2% per year. If this were the case, your pension would see minimal or zero growth; the charges cancel out the returns!
£50,000 pot returning at 2%p.a = £1000+
But if you are also being charged at 2%, that same £1000 gets swallowed up in charges, leaving you with the same £50,000 you started with!
But by comparing your pension again with the rest of the market, MacFarlaine and Brooks may be able to find you better performing funds, suitable to your risk levels that provide maybe a 3% or 4% rate of return, meaning your pension has begun to grow again, still without you having paid any more of your own money in!
NOTE: All pension investments involve an element of risk. Investment values can increase or decrease depending on market performance.
FREE Pension Comparison Service
MacFarlaine and Brooks’ approach to personal finance centres around you – our clients – and aims to provide you with serious value for money.
That’s why our pension comparison service is FREE.
We’ll review the details of your current pension, what you hope to achieve and then compare it with the entire pensions and investments market, presenting you only with options that are suitable to your circumstances and could make a real difference to your life in retirement.
It could be that you’re already in the most suitable pension for your circumstances, or it could be that you could save thousands in charges and earn thousands in interest by making a change now – and we can help you find out.
Ready to take control over your pensions?
Claim your FREE pension comparison