Long gone are the days when you have the same employer for life; typically an individual now has 6 different employers throughout their career, with each workplace offering a separate pension scheme arrangement.
This creates a number of unknowns; what is the value of my pot, who is managing my money, what are the costs involved, where is the fund invested and how much risk am I taking?
The Government is trying to resolve this by introducing a pension dashboard, a platform designed for savers to view their lifetime pensions in one place. Unsurprisingly, due to the volume of schemes and lack of accurate information available from some providers, this initiative has taken longer than anticipated and further delays are expected still.
Lockdown 2.0 offers no better opportunity for you to organise your own finances. Now is the time to take control and reconnect with your retirement savings; particularly if you have several workplace schemes you no longer contribute to. Tideway are here to help you understand what retirement savings you have and how best to plan for the retirement that you want.
Tideway specialise in providing retirement advice, including active portfolio management, aligned to your risk. We are here to assist and would like to offer you a free retirement Guidance Session to help you plan for the years ahead.
Tideway also offers free bi-weekly communication updates, commenting on financial markets and our investment portfolios.