Pensions advice

How should pensions advice be delivered?

Pensions advice is probably one of the most important aspects of financial planning.  The affect of bad or wrong advice at age fifty plus can adversely affect your standard of living in retirement. 

The advice you receive should include suitable tax advice and investment options that best suit your own personal circumstances.  Depending on your income, assets and age, you may not be advised to have a ‘pension plan’, but instead, use other investment wrappers.

This is one area that you shouldn’t try to make a decision about without seeking independent financial advice, well in advance of actual retirement.  You don’t have to take any pensions advice offered, but you should investigate all options.  More information is available on the pension plan and personal pensions pages.

Please also read our pages on retirement planning for more information.

What next?

Once you have taken good investment advice and your pension plans are in place, you should contact your independent financial adviser at least five years before retiring and then again twelve months before retirement to look over your investment portfolio.

This is to ensure you manage your cash flow planning and that you are certain of your actual income requirements in retirement.  Your financial adviser will work with you to obtain approximate quotes for annuity (a possible income stream from a pension) rates and try to establish what your potential income stream would be in a year’s time and which assets you would use to generate that income.

Finally, once the long wait is over, you should contact them again to actually arrange your retirement plans before you go out to celebrate!

What should I do if I have an existing pension?

You should seek advice from a fee-based financial planner in order to review your tax advice, existing pension plans and future needs.  A pension may not always be the best financial advice.  However, if it is, please see our Personal Pension Transfer page for more details on the options that we can offer you.

Any questions about pensions advice?

Please call us on 01582 839280 or Email us.