Pension plans have seen a substantial downfall due to the economic depression of 2009 along with several other slumps within the market since the summer of 2007. These economic downfalls have had effects of deterring several people to make cutbacks on monthly payments invested in their pensions along with others to start investing in a pension scheme. Unfortunately for several British citizens, this has affect the pension plan scheme several of you have been associated with however due to such inaccessibility to updates of pension plan performances, several people are left unaware on the status of their pension plan.
In order to check your pension plan’s performance, you will have to distinguish if your pension plan rests within a money-purchase pension plan, a state pension scheme or a personal pension plan. The checking on performance of your pension plan will only be required if you are opted into pension plans that are money-purchase or personal (not state pensions or occupational/company pensions as these pension sums are already set regardless of the fund’s performance).
From here, you can start analyzing the situation. Money-purchase pension schemes annually provide statements which show the growth of their pension funds. This can be checked against the growth of the FTSE 100 index, in order to assure your pension plan is performing; the growth rate should be equal to or better than the FTSE 100 index to ensure your pension’s safety.
In order to check the performance of personal pension schemes, use a pension’s calculator which will be available to you online (Interactive Investor) or even at your company/adviser who sold you the personal pension or Personal Investment Authority helpline.
If you have any further questions, it is best to consult an expert on pensions (whether from the company/adviser who sold you the pension) or the Personal Investment Authority helpline which can be reached at 02074177001 or as an alternative, you can contact the Financial Services Authority at 08456061234.