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If you have a new job, let us know – it is time a for a financial review

Updated: Oct 26

With one in five employees planning to change jobs this year, it is a good idea to let your financial adviser know if you are one of those with a change in sight.

Whilst there are a million and one things to think about when switching roles, there are financial implications to consider and personal admin that needs to be undertaken. It is important to look toward the future and make sure your fresh job doesn’t affect your retirement planning.

Change – although scary at times – comes in many different forms. A change in circumstances almost certainly means there will be financial implications for you to consider.

Make use of your financial advisers to ensure you are maximising fiscal benefits, as well as avoiding pitfalls. A review when changing jobs is essential. Firstly, you are likely to start a new workplace pension and, with the help of your adviser, you may need help to track your old pension and make sure they are combined.

You may also need guidance with deferred pension schemes, insurances, benefits and renumerations, benefits in kind, death in service and sick pay, amongst other issues. How are these going to affect your pension planning? Your plans need to be kept current and you need to seize the opportunity to make the most of your changing situation.

Change comes in many forms

Have you recently changed jobs, moved to a new house or got married or divorced? Perhaps you’ve had a child or your kids are moving into their teen years. Maybe they’re off to university and you are thinking of downsizing. Perhaps your children are grown up and you are thinking of leaving them inheritance and gifts. Whatever the change may have been, if you have been affected by one, then it triggers the need for a finance review.

For example, we recently had a client who decided to downsize. It released equity and he had cash in the bank. He was unsure what to do with it, but by contacting Reeves Independent to let us know, we were able to help him make the best possible decision for his circumstances.

Don’t allow change to pass you by. Own it and take control. Any change is likely to impact you financially, thus impacting your retirement planning. Whether it is good or bad, we are here to listen and help guide you through to help you protect and improve your finances for a brighter future.

We are here to help you – contact your Life Stage team today to let them know about any change of circumstances you may have experienced.

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The articles are for information only and should not be construed as advice or a recommendation. The investment strategies mentioned are examples only and may not be suitable for your particular: circumstances, tax position or objectives. Please seek independent financial advice before taking any action.

No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.

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