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Private Pensions
There are a wide variety of private pensions, including;
• Employer Sponsored Defined Benefit Schemes
• Employer Sponsored Defined Contribution Schemes
• Section 226 Pension Plans
• Executive Pension Plans
• Small Self Administered Pension Schemes
• Self Invested Personal Pension Plans
• Personal Pensions
• Stakeholder Pensions
As someone progresses through their working lifetime it is not unusual to work for a number of employers or be self employed. This often results in an individual collecting a range of different types of private pensions. This can make it confusing when trying to plan your retirement.
The key to ensuring these are meeting your Retirement Planning objectives is to regularly review your pension funds. This review should consider things like:
• Is the funding level adequate?
• Is the investment risk appropriate, particularly as you get older?
• Is the investment performance competitive?
• Are the charges offering good value for money?
Depending on individual circumstances it may be advantageous to consider transferring your private pensions to something more suitable.
