Sadly only a small number of individuals who have pension benefits have reviewed their pension plans on a regular basis. Many people hold a number of different pension plans and have no understanding of how their pension plan works, the charges, the risks or benefits the could expect to receive.
Unless you review your pensions regularly, it is unlikely that you will have an idea of how much income you could expect to receive from your pension funds when you retire. The state pension is unlikely to be sufficient for the vast majority.
If you are thinking of taking either an annuity or a drawdown at retirement it is advisable to search the whole the market to find the best option. If you want to buy an annuity, moving to another provider could give you a bigger choice and potentially a higher income.
Over the last 20 years, pension products have developed greatly and one of the main changes is that much lower charges exist with modern pensions. Charges have a direct impact on the returns and final benefits you will receive from your pension fund.
The amount of risk we are willing to take varies at different stages of our life, depending on how low it is until you retire, how financially secure you are, or how much growth may still be required to achieve your objectives.
When considering taking your pension it is important to consider the tax implications as this could reduce your pension fund by as much as 40% in some cases. Getting professional pension advice will ensure you are fully aware of the options available and that you receive no nasty tax surprises.