Should I seek pension advice?

Do you have a pension? What will you use to replace your earning once you retire? What will you live on?

The state pension, like other benefits is little more than a safety net – it’s not going to take you on your travels, or fund a new car every so often. Or maybe you’ve been auto-enrolled in a work pension scheme. But is that right for you? Have you left several workplace pensions behind? There’s so much to think about, and like anything financial, it pays to get it right.

Do you need a pension?

The short answer is a resounding YES. Unlike other investments and saving schemes, pensions boast several advantages that can help your savings grow quicker. Simply put, a pension is a long-term savings strategy – but with the added bonus of tax relief.

If you already have a pension seeking pension advice could make all the difference. Speaking to an expert pension advisor is the sensible route to take. Retirement planning isn’t something to be left to chance, nor is it something we’re likely to have much experience in.

Do I need a pension advisor?

Taking financial planning advice is entirely optional. But doesn’t it just make sense to speak to an expert and benefit from a professional wealth of knowledge and experience? Also , in some instances, you’re required by law to consult a financial adviser, for example when cashing in a pension, or transferring a high value pension pot.

The FCA (Financial Conduct Authority) introduced this requirement, to safeguard people’s savings and protect them from potentially losing everything in what can be a complex and risky sphere.

It may not be a legal requirement, but a pension advisor can help you avoid expensive mistakes, ensure you maximise your savings, and ultimately finance the retirement you deserve and have worked so hard for.

Our BulbFin experts will work with your specific circumstances to get it right for you, no mess, no fuss and just a few questions and clicks. Taking pension advice and thus finding the perfect pension plan can mean more money in the long run. That HAS to be a good idea, whatever you have planned for your retirement.

Should I take pension advice about cashing in my pension?

Although you’re not required by law to seek financial advice when withdrawing from your pension, again, it just makes sense. Pension options have changed recently and continue to do so. Increasing numbers of people are choosing pension drawdown. This is a way to access to some of your pension savings, whilst keeping the rest invested. This can seem an attractive option but is it the right way forward for you? Expert pension advice can ensure you invest your pension correctly AND make any withdrawals prudently, for the right reasons, and tax-efficiently.

Can pension advice make me better off in retirement?

People who have taken advice from a professional pension advisor tend to see their pensions performing better.

There are tens upon tens of thousands of regulated funds on the market. Each carries its own risk level and investment strategy. A pension advisor knows the products and knows the market and will help you select the perfect pension scheme for you and your situation and your retirement aims.  Many people have their retirement savings woefully under-performing, languishing in investments that are wholly inappropriate for their needs. Worse, they could be in schemes with an unacceptable risk level. Taking pension advice means you can be confident that your pension is invested properly, securely and ideally profitably – and overseen by an expert.

Since 2015’s Pension Freedom rules, there’s more and more choice on how to take your pension. Get it right, and you could be looking forward to a happy and comfortable retirement. Get it wrong, and you could face having to work well into your old age. Pension advice – and the peace of mind that being in expert hands brings – are priceless.

Risk Warning
Any investment carries a degree of risk and your investments may decrease in value or fail. The levels and bases of taxation and reliefs can change at any time and are dependent on individual circumstances.