Sorting your pension is something many people put off, one of those jobs that you’ll get round to eventually. However, doing so can have a major impact on your finances later in life. If you are approaching retirement, looking for or considering pension advice in Nottingham may prove invaluable.
Many people have usually into more than one personal pension or workplace pension over the years. Many people have little or no idea of how much they will be worth when they retire. If you have pension pots totalling more than £10,000 it may be worth paying for advice. This is known as a Free Pension Health Check.
Employers who offer defined benefit (final salary pension) schemes can incentivise members to transfer their benefits to a different provider. Once you have found a Pension Advisor you can trust you can build up a long relationship with them. They will review your pensions on a regular basis. Ensuring you are on track to achieve the income in retirement you are aiming for.
Often customers look to consolidate their pensions into a single fund and provider, they feel its easier to manage and keep track.
If you haven’t had a pension review on a regular basis you may find that your pension fund(s) are not performing as expected or subject to expensive charges which will affect the amount you receive in retirement.
Firstly, before considering a pension transfer please seek advice from an experienced and qualified pension advisor who will make a personalised recommendation.
If you are at retirement or approaching retirement and looking at moving home in Nottingham, again many people start looking for pension advice. This is a great time to seek professional pension advice.
When you look to take your pension you may look at the ‘Pension drawdown’ (aka income drawdown), which allows you to cash in a percentage of your pension tax-free if you’re over a certain age.
These rules do change so it’s important to seek advice to remain up to date. Your pension provider may offer you an uncompetitive annuity when you come to draw your pension but speaking to a qualified Pension Advisor will potentially open up more options for you and possibly increase your income in retirement. If you would like some pension advice, please contact us and we will be happy to point you in the right direction.