Pension Advice

Why You Need Pension Advice From An Independant Expert

The Financial Services Authority (FSA) recommends that you seek expert independent financial advice before committing to investment or insurance contracts. As a strictly regulated part of the financial market, the pensions sector is no different. The amount of complex legislation, combined with the number of pension products available on the market has led to a large number of people neglecting to make arrangements for their retirement, because they simply don't know where to start. No matter what age you are, if you are working, you should be saving into a pension plan.

Pensions and retirement are currently popular subjects with the press, the general media and with government. All are realising that our increasing life-expectancy and the expected rise in the number of pensioners compared with the number of workers means that saving for our old age is a key issue and one that's currently ignored by a significant minority of the population.

Why Is Pension Advice Important?

It is important that you are aware of the various types of pensions available, because some plans may be more suitable to your circumstances than others. With their knowledge of the market and their experience in advising a wide range of people on their pension provision, independent pensions advisers can look at your current pension planning and make recommendations for your future savings.

What If I Don't Have A Pension At All?

No matter what age you are, if you are working, you should be saving into a pension plan. The longer you leave it, the more money you will have to save each month in order to guarantee a decent pension income in your retirement. As a guide, half your age, and this is the percentage of your monthly salary that you should be saving into a pension fund. If you can't afford that, then look at making savings elsewhere, or at least save a reduced amount rather than nothing at all. The sooner you start, the more comfortable your retirement is likely to be.

What If I Have A Frozen Pension Scheme?

Our working environment today is very different to that of 50 years ago. We no longer stay with the same company for the whole of our working lives. This means that if you are part of a company pension plan, the chances are you will leave that company at some point. When you do, the contributions that you and your employer made to the plan will stop. The company will continue to administer the plan and the funds in it will continue to grow in line with the general fund. You can choose to leave the fund there and take a reduced pension from it, or you can investigate a pension transfer, which will allow you to take the money from the fund and transfer it to another company scheme, or to a personal pension plan.

Whatever your concerns about your pension, seeking independent pension advice will put your mind at rest and ensure that the pension provisions you have are suitable for your circumstances, providing a stable income for your retirement.