Hiring A Pension Advisor

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What to Know Before Hiring a Pension Advisor

Making a confident decision about your pension is never easy.  Even with more pension freedom and choice, you may still find it hard to determine what is right for you.  The decisions you make will have a huge impact on your retirement goals. Thus, it is important you seek independent pension advice to ensure that your pension is set up in the right way. Here are all the essential details you should know about independent pension advisors.

What is An Independent Pension Advisor?

An independent pension advisor is a financial specialist authorised to offer impartial pension advice by the Financial Conduct Authority.  The term independent means that the advisor can recommend products across all available providers, therefore providing you the most suitable pension products available.

A qualified pension advisor will ask you ask you a series of questions to determine your financial situation, knowledge of pension products, retirement goals as well as your attitude towards risk.  This will help them offer specialist pension advice on a wide range of products available on the market.

They will also use this information to calculate when you can afford to retire and the best way to access your pension pot.  If you have several pensions, they may recommend combining them into a single plan.

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What Qualifications Should a Pension Advisor Have?

All pension advisors must have some relevant qualifications to ensure they are competent to offer reliable pension advice.  While the industry standards are continually changing, a pension advisor should have at least attained higher qualifications in areas of financial planning and have a good understanding of how the UK pension system works. In addition, all pension advisors must be regulated and approved by the FCA.

When Should I Consider Getting Advice From a Pension Advisor?

When Should I Consider Getting Advice From a Pension Advisor?

There are many scenarios where it is highly advisable you seek more tailored advice from a pension specialist. Some of these critical scenarios include:

  • Combining Pension Options

Sometimes it makes sense to combine pension options.  For example, using some of your pension funds to buy an annuity and investing the remaining amount to generate an adjustable income. If you are thinking about these practicalities, you should first find out if your pension provider offers both options. More importantly, you need to have a clear financial plan in place. The plan should be guided by your objectives and the estimated amount that is required during retirement. You may want to speak to a pension advisor to help you create a viable financial plan as well as discuss the implications of combining different pension options.

  • Withdrawing From Your Pension

Since the introduction of pension freedoms about three years ago, it is possible to take money from your pension pot from the age of 55.  Once you take the 25% tax-free lump sum and your Personal Allowance (which is 11,850 for the tax year 2018-2019) has been used up, any withdrawals you make will be taxed at the normal rate. It is vital that you have a good understanding of the tax implications associated with making withdrawals. A qualified pension advisor will be able to provide you with some insight on this.

  • Buying an Annuity

Though it is not compulsory to consult an independent pension adviser when buying an annuity, many people find it useful.  There are multiple annuity providers on the market today and it is vital to ensure that you are getting the best quote. This is where pension advisors can come in because they can help you get the best annuity rates on the market. They can also help you choose the most suitable annuities for your individual circumstances. You can use a local pension advisor or pension advisor who covers nationwide.

Changing Pension Contributions

  • Cashing In Your Pension

With the introduction of the April 2015 Pension Freedoms, you can cash in your whole pension pot from the age of 55. It is a legal requirement that you hire an independent pension advisor if you want to cash in a defined contribution pension that is worth is £30,000. Even if your pension pot is less than £30,000, it is important to seek financial advice before cashing it in to consider the potential tax liabilities and other long-term implications.

Why Should I Choose To Use Pension Advisors Near Me or A National Firm Like Hilltop Finance?

Hilltop Finance are regulated by The Financial Conduct Authority and we will make sure that you are getting the best advice possible about the UK pension systems. Our pension advisors have helped thousands of clients make the right decisions to meet their retirement goals.  Our unique approach means that you will only pay for the help you need when you need it.

How Much Does a Pension Advisor Charge?

The fees for getting pension advice vary from one company to another. Before you hire a pension advisor, ask them what their fees are and when you are required to pay.  According to research done by Unbiased, the average cost of an initial pension review is £500. The hourly rate for most UK pension advisors ranges from £150 to £300, according to the Money Advice Service[

 

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