Pension advice

With all the changes in pensions the Government have been under pressure to provide their guidance service, and Enables’ IFA’s in Bishop’s Stortford noticed that the online version of the Government-backed guidance service called  Pension Wise went live recently.  It is of course important to have as part of the Treasury-designed website - pensionwise.gov.uk - focus on the six steps users should take in deciding how to turn their pension pot into retirement income.

The site recommends that if you are looking to plan for your retirement you should:

Check the value of your pension pot; understand the options available to you; plan how long you will need the money needs to last; work out how much is needed in retirement; become aware of the tax implications and finally shop around for the best deals. All sound reasonable advice.

Financial advice is also referenced at the end of the shopping around section and the site explains that advisers will “look at your circumstances and recommend what you can do with your money”.  It also recommends asking whether advisers are independent or restricted, and explains that fee structures may vary between advisers, asking questions of your IFA’s is always important.

In addition it suggests looking at the Money Advice Service website for tips on choosing an adviser.
There is also information on how to avoid pension scams, living abroad and how the benefits system interacts with pensions. The site is still in what they are calling ‘beta’ mode, meaning it is under development but it says Citizens Advice will be delivering the face-to-face aspect of the guidance guarantee, while The Pensions Advisory Service is running telephone support. For face to face support on planning your pension in Bishop’s Stortford Enables IFA’s are here to help.