Can you get free pension advice?

Published by Anaya Cole on

Can you get free pension advice?

If you’re aged 50 or over and have a defined contribution pension pot, you can get free guidance from Pension Wise. Pension Wise is a government-backed service that helps you understand how you can take money from your pension pot.

Who can advise on pensions?

If you need help in choosing a pension, or reviewing your retirement options, an independent financial adviser (IFA) may be able to help. IFAs are authorised to give you advice and recommend suitable pensions products and investment options.

Is it better to take a lump sum pension?

Lump-sum payments give you more control over your money, allowing you the flexibility of spending it or investing it when and how you see fit. Studies show that retirees with monthly pension income are more likely to maintain their spending levels than those who take lump-sum distributions.

How do I make an appointment with pension wise?

How do you book a Pension Wise appointment? Right now, Pension Wise appointments are only available over the phone rather than in person (cheers coronavirus). If you are over 50, you can book via the Money Helper website or by calling 0800 138 3944. There’s also web chat if you have questions.

How much does it cost to get pension advice?

Broadly, advisers often charge between 1 and 2 per cent of the asset in question (e.g. a pension pot), with the lower percentages being charged for larger assets (percentage charges on smaller assets may be higher).

Is it worth paying for pension advice?

Good reasons to get expert financial advice for managing your pension include: Helping you to manage funds flexibly over the long term. Running regular reviews of your investments and suggesting refinements. Keeping you on track to meet your most important goals.

What questions should I ask Pension Wise?

Here are eight pension questions you should ask yourself:

  • Is your pension invested in the right funds for you?
  • How are your pension investments performing?
  • Do you have any pensions you have forgotten about?
  • What are your pension charges?
  • How flexible is your pension?
  • Have you nominated a beneficiary for your pension?

How do I find a pension advisor?

Finding an adviser

  1. asking family and friends for a recommendation.
  2. using a newspaper, telephone directory or internet search engine.
  3. using a dedicated financial adviser search website.

What is the average cost for pension advice?

Is it worth getting a financial advisor for pension?

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