Pension Tracker Blog

I’m reading a new article in the FT (http://www.ft.com/cms/s/2/00123d26-1594-11df-ad7e-00144feab49a.html) that states Pension Income has fallen by more than 70%.  The research by moneyfacts.co.uk suggests:” that a male contributing £100 gross per month into a balanced managed fund over a 20 year period and retiring at age 65 with a standard level without guarantee annuity will have seen his pension income fall from £8,998 per annum in January 2000 to just £2,542 in January 2010, a drop of £6,456 or almost 72 per cent.”

This is evidence again, as to the increasing need for the population to take a more active role in the management of their pension.  Of the 50% of people who don’t use or trust financial advisers, a large percentage of those individuals are probably walking ‘blind’ into retirement with absolutely no idea as to the value of their pension plans.

I hope 2010 will be the year of the pension, with a significant increase in the number of people taking control of their pensions.

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“The sometimes unfathomable world of pension performance has become more accessible for millions”.

According to our own experiences and countless surveys by pension companies, FSA and independents, a large percentage of the UK population neither understand or actively monitor their pension plans.  Our limited survey suggested over 70% have little or no idea as to the performance of their pensions.   So how do we address this ‘lack of action’ in the UK.

I think Chris Noon, partner at Hymans Robertson has part of the answer.  In a recent FT article his company found that  ‘eighty per cent of individuals under the age of 35 say pension information is confusing and “full of gobbledygook,”.   There’s evidence in the Thoresen Report that suggests that if information was more easily accessible online, a significant percentage of people would use it.  Importantly, it has to be sale free.  People are looking for pension  information that is unbiased, independent and not directly linked to selling a financial product.

Pension Tracker is a brand new service to address the gap in accessible jargon-free pension information.  It will provide millions with access to improved information on their pensions; performance data, comparison with other pensions, asset breakdown and more.

Customer choice starts with quality, independent up-to-date information.  With Pension Tracker, we hope people will become more active in their retirement plans.

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Have you noticed the financial revolution that has taken place over the past 3 years? Millions of people now use online comparison sites to help them choose their mortgage, credit cards, savings accounts, utility suppliers and insurance policies. Only a few years ago, it was common practice for people to stick with the same policy or financial products they’d always used.

Today, this online revolution allows people to become intelligent consumers AND save money.

Until now, the revolution has bypassed the pension world.

PensionTracker is a brand new online service that puts quality up-to-date information in the hand of pension holders.

Our intention is to empower pension holders to be more active in their management of their pension portfolio.

PensionTracker (and it’s operators Net Innovate Ltd) don’t sell pensions and we don’t provide advice. The site is designed to provide individuals with quality pension reports that put them in control.

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We’re making some final changes to Pensiontracker.co.uk ready for the launch date. Pension Tracker has been in development for over a year and it’s great to see the product out of the development cycle and into the pre-launch phase.

Pension Tracker puts people in control of their unit-based pensions.

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It’s been a long time in development, but on the 1st Dec 2009 we released our beta version of  www.PensionTracker.co.uk to a new audience.  The site provides individuals with instant online personalised reports based on their pension portfolio.  Pension Tracker introduces a range of new features to put people in control of their pensions:

a.) The online “My Portfolio” system allows individuals to register and keep track of multiple occupational and personal pensions.

b.) Users have the ability to keep track of pension valuations, including instant / daily valuations.

c.) The site offers multiple reports including individual pension and portfolio level personalised reports.

Pension Tracker is particularly well suited to individuals who do not have a financial adviser, but want some method of managing their pension portfolio.

Pension Tracker operates independently from any pension or financial company.  There are NO product placements, NO sales pitch and NO advice.  We simply give you control along with access to the latest pension fact sheet information.

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