Tax and Benefit Changes: The favorable tax treatment for pension savings and the age at which you can start accessing your pension benefits may change in the future.
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Investment Performance and Charges: Investment returns or charges may differ from expectations. If they perform worse than anticipated, this could reduce the size of your pension fund and the benefits you receive. Higher-than-expected fees may also impact your pension fund's growth. When opening a SIPP account with Plum, you can select the fund of your choice to invest in, based on the risk you are willing to take and the market data available for each fund.
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Contribution Variability: The size of your pension fund can be influenced by the amount you contribute or transfer into the plan. If your contributions are lower than expected, or if you take benefits earlier than planned, this can affect the total benefits you receive.
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Annuity Conversion: If you convert your pension fund into an annuity (a policy that provides a regular income), the amount of income you receive will be influenced by interest rates at the time of conversion. Typically, lower interest rates result in lower annuity payouts. Other factors, such as life expectancy and health, also play a role in determining the annuity amount.
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Cooling Off Period: You have the right to cancel your pension plan within the first 30 days of its creation. If you cancel after investing during this period, the returned amount will reflect the value of the investment, minus any associated costs.
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Pension Transfers: While your pension plan can accept transfers from other schemes, not all transfers are suitable. It is your responsibility, with guidance from a financial adviser if necessary, to ensure that any transfers are appropriate for your circumstances.