Alan Kinnaird, Senior Private Banker at Kleinwort Hambros Private Bank, discusses how to look after your pension.
No matter what our background or personal circumstances, the desire for financial security, freedom, and the ability to enjoy life after work is an ambition that unites us all. Never before have individuals been required to take such an active role in the planning of their personal finances.
The most common questions we are faced with, no matter what stage in life we are in, are often a variation on the theme of planning for a comfortable retirement; from: “How do I start building my lifetime savings in the most effective way?” to “When can I afford to retire comfortably?” and “How do I withdraw my pension?”.
By the time individuals have been working for a decade or two, it is not uncommon to have accumulated multiple pension plans.
As part of our Wealth Planning service, we can provide advice on bringing these policies together in one place, ensuring they are managed correctly, simplifying your financial position, and ensuring that you have a pension which is appropriate and in line with your wider objectives.
After having an initial free discussion and following instructions to proceed from the client, we contact their pension providers in order to obtain current information. Once received, we compare the features, charges, and investment allocation of each pension plan to their current needs and objectives.