How do I find out that my private pension is growing?
Discussion
Does the provider not provide you with periodic statements or an online view of its value?
Also, who picked the investments, and with what rationale?
If they're a sensible choice for your situation then changing provider may not do much except incur transfer costs, and judging investment performance based on the past 9 months may not be representative.
Also, who picked the investments, and with what rationale?
If they're a sensible choice for your situation then changing provider may not do much except incur transfer costs, and judging investment performance based on the past 9 months may not be representative.
I assume that your pension is not a company sponsored defined benefit/final salary plan, but if it is the concept of a growing fund with your name on it does not arise. So I'll assume it is a defined benefits plan either company sponsored, or a personal pension plan that you have set up yourself. In this latter event, you should be receiving annual statements showing the value of your underlying fund and other information. If you have not been getting these, I suggest that you take the following steps:
1. Contact your employer or the pension provider, as the case may be, tell them you have not been getting statements, ask why not, and also ask for copies of all the statements that you should have been receiving.
2. If that does not work, raise a formal complaint with your employer or the pension provider.
3. If that does not work or you are not happy with the outcome, contact the office of the Pensions Ombudsman and tell them about your complaint (using the form that's online if you wish), that you are not content, and ask them to investigate your complaint. Their services are free, No need to contact any other party about this, eg solicitor or other online canvassing company, as it'll cost you a fee for their services. Here's the Pensions Ombudsman's website:
https://www.pensions-ombudsman.org.uk/
Note: you cannot go to the office of the Pensions Ombudsman until after you have raised a complaint with your employer or pension provider and given them a chance to respond.
Good luck!
R.
1. Contact your employer or the pension provider, as the case may be, tell them you have not been getting statements, ask why not, and also ask for copies of all the statements that you should have been receiving.
2. If that does not work, raise a formal complaint with your employer or the pension provider.
3. If that does not work or you are not happy with the outcome, contact the office of the Pensions Ombudsman and tell them about your complaint (using the form that's online if you wish), that you are not content, and ask them to investigate your complaint. Their services are free, No need to contact any other party about this, eg solicitor or other online canvassing company, as it'll cost you a fee for their services. Here's the Pensions Ombudsman's website:
https://www.pensions-ombudsman.org.uk/
Note: you cannot go to the office of the Pensions Ombudsman until after you have raised a complaint with your employer or pension provider and given them a chance to respond.
Good luck!
R.
Your provider, or pensions advisior, if they are doing their job properly, should provide you with an annual statement detailing growth or otherwise.
They should also have an online portal you can log into whenever you want an update.
If none of the above I would seriously think about moving to a reputable provider/advisor who does.
They should also have an online portal you can log into whenever you want an update.
If none of the above I would seriously think about moving to a reputable provider/advisor who does.
geek84 said:
Hi foks
Yes, I do get 6 monthly statements and speak to an adviser every few months. The investment is growing steadily, but I just don't think it's growng as fast as it should.
How fast do you think it should rise? You could switch to a higher risk profile investment strategy and seek better returns.Yes, I do get 6 monthly statements and speak to an adviser every few months. The investment is growing steadily, but I just don't think it's growng as fast as it should.
Have you completed an investment risk profile questionnaire? This will tell you and your IFA what your risk profile is and s/he can then recommend an investment strategy to match. Unfortunately, many of us want “more” returns than our risk profile indicates. Sad fact of life.
My fund has dipped hugely and nearly recovered all lost ground (during 2020) thus vindicating my choice of investment fund. I hope your experience is the same!
Edited for timeline indication -2020 COVID value dip
My fund has dipped hugely and nearly recovered all lost ground (during 2020) thus vindicating my choice of investment fund. I hope your experience is the same!
Edited for timeline indication -2020 COVID value dip
Edited by JeremyH5 on Monday 23 November 21:57
geek84 said:
Hi foks
Many thank indeed for your replies.
Yes, I do get 6 monthly statements and speak to an adviser every few months. The investment is growing steadily, but I just don't think it's growng as fast as it should.
Perhaps I'm being paranoid?
You could check it every day if you wished - and not have an adviser hoovering out a chunk of any gains for doing, well, sending you a statement every six months.Many thank indeed for your replies.
Yes, I do get 6 monthly statements and speak to an adviser every few months. The investment is growing steadily, but I just don't think it's growng as fast as it should.
Perhaps I'm being paranoid?
Pray tell, what sort of growth are you expecting?
I put mine into a SIPP on 20 Nov 2019, and using the online portal watched as cash was turned to holdings and then had palpations in April as it had declined considerably.
12m on, it is in considerably better health and I’ve given up looking on it Ona daily basis.
I just need to know there will be x sum in 10yrs when I plan to retire.
Checking it regularly is fine, just not daily!
Any questions that I have, I send a msg to my IFA an he is pretty sharp in responding. He does well out of the fees, but in fairness has helped out in every and any query I’ve put to him.
17.8% over the last 12m . I doubt it will be the same over the next 12.
I put mine into a SIPP on 20 Nov 2019, and using the online portal watched as cash was turned to holdings and then had palpations in April as it had declined considerably.
12m on, it is in considerably better health and I’ve given up looking on it Ona daily basis.
I just need to know there will be x sum in 10yrs when I plan to retire.
Checking it regularly is fine, just not daily!
Any questions that I have, I send a msg to my IFA an he is pretty sharp in responding. He does well out of the fees, but in fairness has helped out in every and any query I’ve put to him.
17.8% over the last 12m . I doubt it will be the same over the next 12.
Speaking to an adviser every few months about a pension? That seems odd/concerning. Pensions are long term investments. Set your objectives and stick to them. Unless something major happens like a dramatic change in your income or health, why would they need to be regularly reviewed by a 3rd party? An adviser who is encouraging and charging for that level of contact seems unlikely to be acting in the best interest of their client.
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