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Is your pension up to scratch?

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By Simon Danaher - January 14, 2016


[Estimated time to read: 2 minutes]

One day your pension may have to provide your entire income.

Is it time you took another look at it?

Here are three things you can do now to make sure it’s ready when you need it…

1. Consolidate your pension into one pot
Living overseas can make managing your pension – especially if it is based at home – complicated.

It can be even harder if you have more than one scheme.

Consolidating your pension into one – using products such as a SIPP or QROPS – makes managing your pension much simpler. 

It will be easier to check on the performance of your investments, amend your portfolio and ultimately to make sure you are on track to achieve the retirement you want. You may also pay less in fees.

Before transferring, check it will be beneficial, check excessive exit fees don’t apply and that you won’t be giving up valuable benefits – this will be the case if you have a defined benefit pension scheme, and you must be happy that you’re doing so for good reasons.

Click here to download a copy of our guide “How to turn you expat pension into your millionaire retirement” for more information on consolidating your pension.

2. Review your investments & cut costs
Your retirement income is dependent on good investment returns.

One of the biggest factors you should consider is cost. Could you get similar investment returns from a cheaper fund? Are your active funds providing the best value for money?

At AES International we research and monitor thousands of funds and negotiate discounts on those we like for our clients’ benefit.

In addition to discounted active funds, we also recommend many passive funds.

Using passive funds or discounted active funds could provide a mammoth boost to international pensions.

3. Contributions should also be reviewed
When was the last time you upped your pension contributions?

There’s always a good reason not to increase pension contributions. However, every extra pound or dollar you can spare now has the potential to pay dividends in the future.

Have a look at your current spending and see if there is any cash you can reallocate into your pension.

In the future you will be very grateful of anything extra you save now!

What’s next?

We have lots more free information you can access to help you get your retirement planning on track.
Regardless of what stage you are at in life, we can help.

Click here to explore our retirement guides, or contact us using the form below.