rb5_336

Are there any good links/resources for me to learn how to review my own pension? In terms of are my contributions enough, and has my pension been growing at a good rate over the last 12 years or so.

The only vague advice i've read so far is to ensure your contributions are roughly half your age.

Sean

EddScott

I assume you are talking about a personal pension?

First port of call would be to contact the provider whom you have your pension with and ask them for a retirement illustration to age 65 (For instance). That will give you half an idea of what your pension could be - it makes assumptions like continued contributions and growth rates.

Second would be to find out where it is invested - its just as important to know where the money is going as how much your putting in. Once you know what fund (s) your in you can then research them to see how they've performed and then research other funds you think suit you.

Only downside is there are hundreds of funds to choose from and past performance is no guide to the future. You may want to do it yourself but you'd better off finding an IFA who knows how to choose funds/asset allocation/risk profile correctly - many don't.

Scooby Snacks 23

In any money purchase arrangement (be it a personal pension or occupational arrangement), you must receive a Statutory Money Purchase Illustration (SMPI) statement annually. It will take the fund value at a point in time, assume investment returns to your chosen retirement age and then convert it to a pension, so that will give you some idea as to what you might get. Trouble is, financial planning around this sort of pension is a bit hit and miss at the moment because of the markets.

Check your investments, as EddScott suggests, but what it's done in the past may bear no resemblance to what it does in the future. Look at the risk assosciate with those funds as well - everyone has their own attitude towards risk. Solely invested in equities (stocks and shares) during your 20's - 40's is probably the best bet - it's when you reach you mid-50's you want to start considering a switch to bonds/guilts, moving towards cash in the last few years before you retire.

It's like a jungle sometimes it makes me wonder how I keep from going under, and all that.

rb5_336

Thanks, been through my folders and added up all our pension stuff and other investments. My wofe and I would have a gross income of 47% of what we jointly earn currently, with half of that coming from pensions.

Pretty poor really I think.

I'm 35 and the personal and company contributions amount to 11% of my current income. I'm thinking I need to start to use my ISA as a pension fund, and not a savings/occasional blow it fund. Plus increase my contributions; I contribute 3% they contribute 8%.