Securing a Better Income
Mrs Davies from Cardiff states:
When I contacted the Pension Review Service to review my existing Paid Up Pension Plan they highlighted that the average investment return of my plan over 5 years had been only 3.7%. When taking into account charges my pension had actually lost 2.3% per year over the same period.
By transferring to a new contract with lower charges and reviewing the funds that my pension is invested in it gives me a much better chance of securing a better income in retirement.
New Provider – Lower Charges
Mr Berner from Essex writes:
I took out a Free Standing Additional Voluntary Contribution plan some years ago after consulting a financial adviser from a well known Insurance Company. I was promised an annual review of the plan but haven’t seen either him or anyone else from the company since.
After contacting the Pension Review Service I was advised to transfer my Pension fund to a new provider to benefit from lower charges and also increase my contributions to keep in line with salary increases, both of which I agreed to go ahead with.
The Pension Review Service Saved me Money
Mr Tanaka from Southampton writes:
When the Pension Review Service researched my existing Private Pension, I was horrified to learn that 5% of each payment I made was deducted as an initial charge, £1.83 was deducted as a monthly policy fee and 1.5% was deducted as an annual management charge. That meant that my pension would have to grow by 8.33% per year just to break even. After a recommendation by the Pension Review Service I transferred to a new provider and the only charge levied is an annual management charge of 1%.
Maximise your Funds
Mrs Parker from York states:
I contacted my existing Pension Provider to enquire how the A Day Changes would affect me. Due to the advisers lack of knowledge I was totally confused and extremely concerned.
I contacted the Pension Review Service and within a short space of time one of their advisers had explained in simple terms how the changes affected me and what I could do to maximise the new funding rules that had been introduced.