With pension advice, you get a much more comprehensive service, with a personal recommendation at the end of the process. This is designed to help you make the best decisions possible, whether you are thinking about transferring pensions or taking money out of them. Charlie says, “This recommendation takes into account everything about your current position, plans and pension accounts - and it can take around 40 hours of work from the retirement team before the final recommendation is completed.“
He adds, “This is why advice is very popular with those who have enough knowledge to make their own choices but value having a second opinion from a specialist before making such a significant decision. For example, the Lifetime Allowance is a complex pension area and some people don’t even realise they have reached their limit; they then need advice about how to minimise tax impacts.
Of course, advice is also needed by people who just don’t know where to start and want someone to walk them through it all.”
Alongside these two groups, Charlie points out that there are some cases where you have to take advice, such as transferring a pension with certain benefits and guarantees. These are important decisions, so it makes sense in this situation to talk to advisers who specialise in retirement income issues to get high-quality advice from retirement specialists.
Charlie finishes by saying that advice really can pay for itself, as pensions are far more complicated than some people realise. He says, “We look at thousands of pensions every year, but I still find circumstances and conditions that I haven’t seen before. Although there’s a fee for advice I find that people who could benefit from it do recognise the value once they’ve had a chance to talk with us. After all, pensions represent a lifetime of savings, so it’s important to make the right decisions.”