Do you have easy access to the support you want?
Have you thought about how much support you’ll need? If you’re thinking about taking tax-free cash from your pension, or a more regular income, you can choose to do much of the research yourself, including getting some free guidance, or, you can take paid-for advice.
Retirement guidance can help you understand your retirement income options and help you avoid potential pitfalls. Whereas retirement advice will provide a personal recommendation, based on your individual circumstances. There is typically a fee for advice (which varies by provider). Fidelity can provide both guidance and advice, depending on the level of support you need.
Once you’ve decided how and when to access your money, you’ll want to monitor your drawdown account and review your investments over time. As such, you need to be able to manage your money in a way that suits you. This may mean good online access, with an account that’s intuitive and easy to use, but also telephone or face to face support if you need it. If this is important to you, pick a provider with these options.
Whether you are considering staying with your own pension provider or switching to a new drawdown provider, considering these questions should help guide you to a provider that is right for your needs in retirement.