Financial Advice on Pensions - expert guidance on your largest lifetime investment
Financial advice on pensions is crucial, both when planning a new pension and future pensions savings, or monitoring and reviewing an existing pension.
With several different types of pension, and a wide range of pension lenders, it is also important that financial advice on pensions is quality, independent pension advice from an independent financial adviser (IFA). Only with IFA pensions advice can the client be sure of access to the full range of products and resources on the market.
This is an important distinction that must be understood. Advisers at the pensions lenders, i.e. the high street building societies, are ‘tied’ advisers, in that their pension advice can feature only a limited range of products, the products provided by their company.
IFA pensions advice can cover all company pensions, workplace pensions, and existing personal pensions, from any lender.
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Financial advice on existing pensions
If you have an existing workplace pension, or are seeking advice about state pensions, an independent advisercan assist.
Financial advice when setting up your pension
In setting up a pension, an independent adviser can take a ‘whole of market’ approach, searching the entire marketplace to find the pensions solution perfectly matched to the individual client.
What is the best pension for the client?
By taking financial advice on pensions you can quickly inform yourself about the three main types of pension available – stakeholder pensions, personal pensions, and self invested personal pensions (SIPPs).
Stakeholder Pensions offer a standard investment option in a range of investment funds. The no-frills structure of stakeholder pensions, and the relatively uncomplicated nature of the stakeholder pension rules, make them the best pension option for the ordinary investor. The stakeholder pension is also the most economical of private pension schemes.
The personal pension offers access to a wider range of funds than the stakeholder model, and at a higher fee. By taking financial advice on pensions from an IFA pensions adviser, you can weigh up the advantages of this wider choice, before deciding to opt for this type of pension. For greater choice in where to place your pension savings, the personal pension may be the best pension for you.
A SIPP offers investment in funds, cash deposits, direct investments in individual company stocks, and investment in commercial property. However, it is the most expensive type of pension, aimed at the more sophisticated investor. If you are interested in investing in a wider range of asset classes and funds through your pension, then the SIPPs pension may be suitable for you.
Financial advice on pensions annuities
Financial advice on pensions leads naturally to annuities advice. As any IFA pensions expert will tell you, annuities rates vary from one provider to the next, and only with IFA pensions advice can you check the whole market and ensure that you get the current best deal for your pensions savings.
