Too much information - or how often do you check your pension pot?

michaels

So my pension is in a diversified stocks bonds UK/international fund. I used to check the value about twice a year, once when I got the statement and at the turn of the year.

Now I see the balance every time I log into online banking and see that whilst I have been earning my 70 odd quid per day my pension value has changed by 10k or more, a years takehome. I don't really won't to know this!

JoeCrystal

I generally check my pension pots at the start of each month so I can update my spreadsheet with all the relevant information and predict my real term pot up to SPA.

Maybe you can ask the bank to hide it somehow?

ffacoffipawb

michaels wrote: »

So my pension is in a diversified stocks bonds UK/international fund. I used to check the value about twice a year, once when I got the statement and at the turn of the year.

Now I see the balance every time I log into online banking and see that whilst I have been earning my 70 odd quid per day my pension value has changed by 10k or more, a years takehome. I don't really won't to know this!

How come you see your pension in online banking? Who is the pension with?

Sea_Shell

We look them up at the end of each month, and update our spreadsheets.

Will 2020 be a Champagne year, or a Cava year!!??

BoGoF

ffacoffipawb wrote: »

How come you see your pension in online banking? Who is the pension with?

Scottish Widows pensions show in Lloyds Banking Group online banking.

Just a guess though.

green_man

michaels wrote: »

So my pension is in a diversified stocks bonds UK/international fund. I used to check the value about twice a year, once when I got the statement and at the turn of the year.

Now I see the balance every time I log into online banking and see that whilst I have been earning my 70 odd quid per day my pension value has changed by 10k or more, a years takehome. I don't really won't to know this!

If you are relatively young I reckon there is a lot to be said for pretty much forgetting about it and just keep putting the money in. This assumes it’s going to some general globally diversified multi asset fund (or even full equities if you are 10+ years from retirement), and that you are putting enough in.

The biggest mistake by over monitoring is that you are panicked into selling up when you see a big drop in your asset values. My pension fund dropped £200k in 2008/9 despite me putting £20k in!!, it took a few years to fully recover but shifting out of equities then would have resulted in never recovering.

michaels

BoGoF wrote: »

Scottish Widows pensions show in Lloyds Banking Group online banking.

Just a guess though.

Shoots and scores.

I guess I could see if there is an option to hide it.

michaels

green_man wrote: »

If you are relatively young I reckon there is a lot to be said for pretty much forgetting about it and just keep putting the money in. This assumes it’s going to some general globally diversified multi asset fund (or even full equities if you are 10+ years from retirement), and that you are putting enough in.

The biggest mistake by over monitoring is that you are panicked into selling up when you see a big drop in your asset values. My pension fund dropped £200k in 2008/9 despite me putting £20k in!!, it took a few years to fully recover but shifting out of equities then would have resulted in never recovering.

I guess whilst I only peeked twice a year I didn't have to think about what the daily fluctuations were, now I see them in the same list of accounts as my current account that blips up by 1000 at the end of each month when I am paid whilst my pension swings by 10s of k it just makes the salary look ridiculous.

Thrugelmir

Are you self managing your pension savings?

ex-pat_scot

Guilty.

At a minimum, I check each month end and when my contributions (and SW additional units) are due to be paid in.
In practice, it's a bit of an evening habit to update the spreadsheet almost daily. Not that I do anything with the information, and have a pretty robust risk appetite around tolerance for drops.

It is a comfort during a really !!!! day that the escape fund is pottering along, and the spreadsheet shows me the projected income, retirement dates and many other things besides. I know I don't need to do this, but it's my 2 minutes of daydreamy planning each day.

westv

I have my info set up on Trustnet and check....

... every day.