Pensions advice

What should I look for in pensions advice?

Possibly one of the most critical aspects of financial planning, good pensions advice should not be taken for granted.  Bad or unsuitable advice when you are age fifty plus can significantly affect your standard of living in retirement.

Any advice you are given should contain appropriate tax advice and investment options that meet your personal situation.  Don’t be surprised if you are not advised to have a ‘pension plan’, but have different investment tax wrappers recommended in its place.  It all depends on your income, assets and age.

Long before you are planning to retire, you should seek independent financial advice on this subject.  You don’t have to take the advice offered, but you should look at all options.  We have more information on our pension plan and personal pensions pages.

For more information, please also read our pages on retirement planning.

What happens after my plans are in place?

Contact your independent financial adviser at least five years before retiring and then again twelve months before retirement to examine your investment portfolio.  This is to double check your cash flow planning and that you are certain of the amount of money you will need for your retirement.

By now, and together with you, your financial adviser will be able to gather quotes for annuity rates (one type of income from a pension) and estimate what your possible income stream will be in a year’s time (and which assets you will use to generate that income).

Finally, once your retirement has arrived, you should contact them again to put your plans into action.  Then you can go out and party!

I already have a pension – what should I do with it?

A pension is not always the best financial advice, so in this case you should look for advice from a fee-based financial planner to reassess the tax advice you have already received, existing pension plans and future needs.  If your existing pension is found to still be appropriate, then you should see our Personal pension transfer page for more details on the options that we can offer you.

Any further questions regarding pensions advice?

If you want more information on pensions advice please call us on 01763 232326 or Email us.

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