ROC Investments

Pension Services

Pension Services

The average person in the UK has saved approximately £26,000 for their retirement. This would give a 65 year-old man an income of just £28 income per week.

Many high profile pension company With Profit funds have declared bonuses of less than 1% per annum over the last 5 years, some for as long as the last 10 years.

The current state pension is just £97 a week.

In November 2012 the Financial Services Authority (now the Financial Conduct Authority)  forced pension providers to lower projected pension fund growth forecasts. The conservative rate has dropped from 5% to 2%, and the high growth forecast has dropped from 9% to 8%.

The BBC Panorama programme found many high street pension providers take huge disproportionate sums from our pension pots. In some cases, it was found more than two-thirds of the money paid in over the years is taken out in fees.

More and more final salary pension schemes are in deficit.

Millions of people in the United Kingdom face the prospect of working for longer and having less money during their retirement years.
There are various contributing factors to this, such as having to stop making payments to your pension, schemes that are under performing and dormant pensions from previous employment that you have simply forgotten about.

The fact is that most people living in the UK do not have a clear understanding about what their pension is actually worth and how much it will provide for them in retirement.

The media is full of stories about the crisis the pension industry is facing and the much reduced income people are likely to get from their pensions. But the good news is that there are options which could be beneficial.

A pension review will show you what your existing pension/pensions may give you in retirement. Unfortunately, this might be less than you expect, and less than you need.

A recent report by Hargreaves Lansdown* shows that a 65 year old male purchasing a 100% joint life annuity with his fund of £30,000 will receive a monthly income of somewhere between only £103 and £129, depending on provider.  Less than £130 per month to live on! (Excluding any state pension benefits which may be payable.)

* Hargreaves Lansdown – Your options at retirement, 2013.

So after assiting you to track down and gather information on your pension plans we can offer our pension administration service often in conjunction with an authorised wealth management firm authorised and regulated by the FCA. Click this link for more information on our Pension Administration

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