Pension Review Case Studies

Securing a Better Income

When I contacted the Pension Review Service to review my existing Paid Up Pension Plan they highlighted that the average investment return of my plan over 5 years had been only 3.7%. When taking into account charges my pension had actually lost 2.3% per year over the same period.

By transferring to a new contract with lower charges and reviewing the funds that my pension is invested in it gives me a much better chance of securing a better income in retirement.

Mrs Davies, Cardiff

New Provider Lower Charges

I took out a Free Standing Additional Voluntary Contribution plan some years ago after consulting a financial adviser from a well known Insurance Company. I was promised an annual review of the plan but haven’t seen either him or anyone else from the company since.

After contacting the Pension Review Service I was advised to transfer my Pension fund to a new provider to benefit from lower charges and also increase my contributions to keep in line with salary increases, both of which I agreed to go ahead with.

Mr Berner, Essex

The Pension Review Service saved me money!

When the Pension Review Service researched my existing Private Pension, I was horrified to learn that 5% of each payment I made was deducted as an initial charge, £1.83 was deducted as a monthly policy fee and 1.5% was deducted as an annual management charge. That meant that my pension would have to grow by 8.33% per year just to break even. After a recommendation by the Pension Review Service I transferred to a new provider and the only charge levied is an annual management charge of 1%.

Mr Tanaka, Southampton

Maximised my funds

I contacted my existing Pension Provider to enquire how the A Day Changes would affect me. Due to the advisers lack of knowledge I was totally confused and extremely concerned. I contacted the Pension Review Service and within a short space of time one of their advisers had explained in simple terms how the changes affected me and what I could do to maximise the new funding rules that had been introduced.

Mrs Parker, York

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

Before you transfer a pension, you should check with your current provider that you won't lose any guaranteed benefits.