When first meeting a client, we always ask them how much is in their pension(s)? What funds are they in? What will they get back at retirement? The answer we hear too often is…….. ‘i dont know’
Knowing what is in your pension, who is running the funds for you and what you might get at retirement are all crucial factors in the search for a decent retirement income. In our view, where possible, having all your funds in one place being proactively managed and applying a common approach to investment risk across them all, is of key importance.
Most people still don’t realise that when it comes to retirement, it is not a single decision to be made one time only, if can be much more flexible than that if required. While buying an annuity may suit some, the alternative options such as income drawdown are very attractive due to the improved flexibility amongst other things.