News & Views

Jeff Lewis urges pension investors to take note of mergers

4th July 2017


Leading financial adviser Robson Macintosh (Rob Mac) has urged investors to be aware of the impact consolidation in the finance industry has on their pension investments.

The adviser estimates that 25% of the work of its pension department is taken up by tracing benefits accumulated with different pension providers which are now part of different investment groups. Rob Mac cites clients disregard of mergers in the industry and failure to update personal circumstances, primarily contact address, as the main factor behind this ‘advice waste’.

Jeff Lewis, Director and Pensions Specialist of Rob Mac, said: ‘There is industrial logic for a lot of mergers in the finance industry. This has often contributed to cost efficiencies and positive change, ultimately benefiting the investor.

“In such times you should be fully on top of where your pension investments are and ensure any changes in circumstances, such as home address, have been communicated. It is not uncommon for us to be tracing client’s benefits that, despite the best efforts of the companies involved, are sometimes 3 or 4 stages removed from where it had been first invested.

“Critically leaving your pension investments behind also means you have no idea if you are on target to meet your retirement goals. Be fully aware of the location of your pension savings and its overall value. This will avoid many months of delays and uneccessary surprises in the future.”

Robson Macintosh has been at the forefront of financial planning for the last 25 years. Based in Edinburgh it manages £150 million for clients throughout the world.