Pension Advice in Hull

Advice for People Looking to Get a Pension

The idea of sorting out a pension can be slightly off-putting; however, it is worth doing as a pension truly benefits you later in life. If you are approaching the legal age of retirement, speaking to an Independent Financial Advisor in Hull may be of great use to you.

Over the years it’s likely you will have paid into various pension plans, be that personal or workplace. A surprising number of clients often have no idea how much they’ll be worth by retirement!

Sometimes though, the pension in place may no longer be suitable. This is something your advisor would be able to look into for you. It is always worth paying for some advice, especially if you have pots totalling over £10,000. This is known as a Pension Health Check and your advisor would be happy to go through it with you.

Part of the process is finding a Pension Advisor that you can trust. You’ll be able to build up a long relationship with them and they’ll review your pensions often. They do this to ensure you are on the right track towards the retirement income you are aiming for.

Make sure your provider controls all your pensions

The first advised port of call before considering any pension transfer is to seek advice from an experienced and qualified Pension Advisor in Hull who will make a personalised recommendation.

Often customers find that placing all of their plans with one provider makes everything so much easier to manage and leaves them less to worry about.

If you haven’t had your pension reviewed lately, there could be a chance that plans you arranged are in funds that are underperforming or are subject to expensive charges. This could affect how much you receive in your retirement, so it’s always best to review them regularly.

Once you’ve reached retirement

As the call of retirement draws closer, it really is a great opportunity to seek professional advice from an Independent Financial Advisor in Hull.

There comes a time, at a certain age, when you are eligible for Pension drawdown (aka income drawdown). This allows you to cash in a percentage of your pension, without paying any tax. The criteria for this has been known to change often though, so staying in touch with your Pension Advisor is the best way to keep up to date.

Your pension provider may offer you an uncompetitive annuity when you come to draw your pension, however, speaking to a qualified Pension Advisor will potentially open up more options for you and may even increase your income in retirement.

If you would like some pension advice, please get in touch. We’d love to point you in the right direction!

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