By: Terry Rourke IFA  08/05/2012
Keywords: retirement planning

Terry recognises that everyone has different aspirations and needs when it comes to planning for retirement and that it is not just about having a secure pension plan in place.

You may wish to know:

  • What is a personal pension?

    The fundamentals of a personal pension plan are very simple. You put money into a savings fund, it hopefully grows in value and at retirement you convert the fund into a regular income payment, which will replace part, or all, of your earnings from employment.

  • It's best to use an IFA when retirement planning

    Taking advice will cost you in one way or another – either via commission or a fee based on time taken to help you. But this could help you avoid costly errors. You should only go for a discount option where any advice will be minimal if not non-existent if you are certain you know what you are doing.

    IFAs must, by law, give what's termed best advice and should identify the best pension for you – or in some cases, leave things as they are. IFAs have to set out their thinking behind any recommendation in a “reason why” letter..

    Should you wish for advice on your retirement planning please contact Terry for a free initial meeting.

    During the course of our initial meeting I will assess your existing policies (if any) and it may be to your advantage to transfer to a more beneficial policy provider, but only if it is in your best interests.

  • What is a Pension Transfer?

    A pension transfer is the process of transferring - ie switching or changing - the value of your contributions that are in one pension scheme to another pension scheme.

    Doing this ends your membership of the original pension scheme.

    Understanding whether you will benefit from a pension transfer can be complicated and you should always take advice from an independent financial adviser before arranging a pension transfer.

  • Why Transfer Your Pension?

    Everyone's situation is different, so you won't necessarily benefit from a pension transfer just because other people you know are transferring their pensions to new schemes.

    However, there are situations where it does make financial sense to transfer your pension to a new or different scheme - here are a few possible examples:

    • Your existing company scheme is being wound up
    • You have a personal pension that has high fees and you would like to transfer it to one of the new breed of low-fee stakeholder personal pensions.
    • You may have several pensions, perhaps from a variety of employers, periods of self employment and various Additional Voluntary Contributions (top-up) plans and you would like to amalgamate them all - perhaps in a SIPP (Self Invested Personal Pension)
    • You would like to add your existing personal pension to an occupational pension scheme to benefit from lower fees/employer contributions. Only a minority of employers allow this.
    • You can't transfer any state pension benefit.
  • However, with any pension planning it is always advisable to take professional advice from an Independent Financial Adviser (IFA)

    IFAs are regulated by (the UK government regulator) and are required to give you impartial advice based on the facts and on your individual circumstances.

    They will be able to understand your current and new pension schemes and will work out whether you will actually benefit from transferring your pension or whether you may end up losing out.

    An IFA will also be able to suggest a suitable pension product for you to transfer your old pension into, if you need this (although there won't be any obligation).

Terry can give advice on the range of options available and help you decide how to secure a better future for you and your family.

Keywords: retirement planning

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