Monday, October 19, 2020

Do I need a financial advisor for my pension?

financial advisor for my pension

A commonly asked question from people approaching retirement is - do I need a financial advisor for my pension? Gone are the days when people used to work for one company and retire with a final salary pension. In today's complex and rapidly changing world it's more common for people to have several pensions from different workplaces, and to have a mixture of different types of pensions

In addition, with increased life expectancy some people are now spending more time in retirement than in work! This can often mean balancing between taking enough out of a pension to live on without taking too much and running out. A pension is one of the largest investments you will ever have to deal with over the long-term.

Faced with such complexity, its not surprising that many of us are choosing to seek financial advice on pensions. A suitably qualified financial advisor will be able to guide you through the complexity and explain your options in clear terms, covering areas such as the following:

  • Explaining how different pension schemes work
  • How to plan for retirement
  • How to maximise your pension and reduce investment risk
  • How to draw down your pension in the most tax-efficient manner
  • Where to find the best annuity deals
  • How to leave a financial legacy for your family
  • How to consolidate different pension pots to simplify your pension

Choosing the right financial advisor is important in learning more about your pension options and helping to make the correct financial decisions in planning for your retirement.


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