Dust Off Those Old Pensions

updated: January 22, 2010

For those of you who have not yet retired, the issue of whether you will have enough income in retirement is one which will inevitably continue to grow in importance.

This is true whether you are relying mainly on the State pension, private pension arrangements, or your membership of one or more occupational pension schemes.

You should, of course, seriously review your pension funding in the light of today’s changed circumstances. Whilst such a review may be a painful experience in terms of the impact on your current lifestyle, there are other things you might be able to do that will cause no pain at all.

The purpose of this section is to encourage those of you who have one or more ‘old’ pension plans, whether they are personal pensions or occupational pension benefits with former employers, that now would be a good time to ‘dust them off’ and carry out a review of exactly what you have got.

You should not wait until you are about to retire before you find out whether there is much value in those old pensions. However, there are even more important reasons for taking action now. A delay to do so could actually reduce the value of your eventual pension, or possibly reduce the amount of tax free cash that you would otherwise be entitled to when you retire.

To obtain further information please click here for our pdf Guide to Dusting Off Those Old Pensions.