April 2003

IS MY PENSION SUFFICIENT?
Sandy Robertson, managing director at Acumen Financial Planning Limited in Aberdeen.
Acumen can be contacted on 01224 573904 and the website is www.acumen.ltd.uk

a. Question

I have just received an updated statement from my pension provider and I am disappointed to see that in spite of making regular contributions, my fund is less than it was last year. I know that stock markets have been falling, but how do I know whether or not my pension will be sufficient for my future needs?

b. Answer

A very good question, and whilst there is no short answer, with some help from a Financial Planner you will be able to decide whether stock market performance over the last few years has seriously blown you off course or not.

Before you fix an appointment, you should have the following additional information available:

*	Estimate how long you intend working before taking life easier.
*	A list of all your existing savings and investments.
*	A list of loans outstanding (if there are any).
*	Based on your current expenditure patterns, and adjusted for items that will or will not be appropriate later on in life, an estimate of your cost of living when you will no longer be working.

With this information, and a brief interview, you will find out, for better or worse, exactly where you stand in relation to your plans, and if you are off target, what you need to do to correct the situation. We would suggest annual updates and reviews so that you become fully informed and therefore in control of your situation.