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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | October 2008 (3 blogs) | Understanding risk in pension planning
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Understanding risk is so important in pension planning
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As a TPAS adviser, one of the cases I’ve dealt with recently involved a 63 year old male who’d been advised to transfer his personal pension from one product provider to another, in 2006. In doing so the adviser recommended a selection of property funds, which I suspect most member’s of the public would (at that time) have considered relatively low risk investments.
Yet, just three months before his 65 birthday, in August 2008, the client received his Retirement Pack from the new pension provider only to find it had fallen from an original transfer value of £50,000 to a current fund value of £35,000. You can image the client’s reaction.
The point of this story is to demonstrate the complete faith that clients will put in their advisers who have a responsibility to make sure clients understand the different levels of risk involved with a multitude of products that make up the retirement planning jigsaw. So, this article is particularly relevant. See:
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Mike Jones, MyCompanyPension.co.uk, 17th October 2008
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