Frequently Asked Questions

Below is a list of some of the most frequently asked questions we receive about our services.

Being clear and transparent is hugely important to us. You may have questions about your private pension and the services we provide that haven’t been answered elsewhere. If you would like to know anything else, our customer services team will be very happy to help 0808 164 2664

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Do I pay for the initial assessment? – Defined Benefit

We put all clients through an initial advice process to determine whether or not a transfer out of a Defined Benefit pension is unsuitable or unclear, there is zero cost for this.

If you receive and unclear outcome at our initial advice stage you are presented with an online fee agreement. In order to receive our formal advice recommendation you would have to digitally sign the fee agreement, committing to pay the fee irrelevant of a transfer or maintain recommendation.

Your adviser will call you and talk you through the outcome of the initial advice report, if you have any questions regarding next steps your adviser will answer those for you during that call.

Do I pay for the initial assessment? – Defined Contribution

We bear the whole cost of the initial assessment of your existing defined contribution pension(s). If we can find a better performing or cheaper pension or one that is better suited to your personal circumstances and retirement objectives and you want us to implement our recommendations, then our standard fee will apply

What do you charge to implement recommendations you make?

Our initial service is free and without obligation. Following our advice, if you want us to implement our recommendations, our fees are very competitive.

For defined contribution pensions we charge a minimum of £995. For pension funds over £50,000 our charge is 3% for the first £50,000 then 1.5% for the remaining fund value.

For example: A £75,000 defined contribution pension would have a charge of £1,875 at a rate of 2.5% (first £50,000 at 3%, then £25,000 at 1.5%)

Where the recommendation and advice is to switch funds within the current provider, implementing the switch is charged at a reduced rate of £495.

For defined benefit pensions (final salary), because of the complexity and amount of extra work involved, we charge a minimum of £2495 for funds under £80,000. For pension funds valued over £80,000 our charge is 3% for the first £50,000 then 2.5% for the remaining fund value.

For example: A £150,000 defined benefit pension would have a charge of £4,000 at a rate of 2.6% (first £50,000 at 3%, then £100,000 at 2.5%)

What do you charge for your ongoing service?

Our ongoing service is optional. We charge 0.5% of your pension pot per year for our ongoing service. So on a pension pot of £50,000, you would pay £250 per year. Our ongoing service fee is highly competitive.

How do I pay for your service?

Ordinarily our fee is paid directly from your pension fund. We will always take into account our charges in our research and analysis of your pensions that we present to you.

When do I pay for your service?

Only upon the implementation of our recommendations does our fee apply. Ordinarily the fee is normally taken from your pension fund for the services we undertake on your behalf.

Who are Pension Works?

Pension Works is a leading UK independent pension advisory firm. We have a team of experienced and highly qualified in-house Financial Advisers who will carefully assess your existing pension to make sure that it is in the right place, performing well and low cost, to help you achieve the retirement that you deserve.

Where are you based?

We are based in Knutsford in Cheshire, North West England but we have clients all throughout the UK.

Are you regulated?

Yes, we are authorised and regulated by the Financial Conduct Authority (FCA). You can check here, https://register.fca.org.uk/, using our reference number, 739922.

Are you linked to a government service?

No, we are completely independent and not tied to any government service or department.

Do you advise on non-UK pensions?

We are unable to help with pensions that are based outside of the UK.

Can you help with transferring my UK pension overseas?

We do not hold a Qrops licence to transfer a UK pension overseas.

Can you advise on pensions for non-UK residents?

You are required to be a UK resident for us to advise you on your pension.

What kind of pensions do you advise on?

We are able to advise on Defined Benefit (Final Salary) and Defined Contribution pensions. We can also provide advice on pension consolidation, drawdown, transfers, assessments and more.

We are unable to assist with public sector and armed forces pensions, state pensions enquiries, pensions valued under £15,000 or if you are already receiving annuity payments.

Do you handle my money?

No, we do not handle or hold any of your pension funds. Any implementation of changes are made between pension providers for your protection. Our fee will ordinarily be paid from your pension fund.

Will I get impartial advice?

Yes, Pension Works is a completely independent company and we will always give you advice which is in your best financial interests, based on your individual circumstances. Unlike some advice firms, which provide restricted advice – we are not restricted in any way to any particular pension provider. As an independent business, we search the whole of the market on your behalf.

What pension companies do you use?

We check the whole of the market in order to find the most suitable pension provider and fund for you. Many advice firms are restricted to just using a few pension companies but we believe that it is important to look as widely as possible to find the best fit for your individual situation.

Can you provide advice to clients throughout the UK?

Yes, as a telephone and internet-based service, our clients are spread far and wide around the UK.

What does your initial service include?

The advice service we provide can include:

  • Gathering all relevant pension and / or ISA information
  • A ‘getting to know you’ telephone call with a financial adviser
  • Assessment of your needs and objectives
  • Full scheme / policy analysis
  • Evaluation of management charges
  • Review of past investment performance
  • Advice and recommendations report
  • Presentation telephone call with a financial adviser
  • Implementation of advice given
  • Ongoing advice to ensure continued stability

What does your ongoing service include?

As well as conducting your initial pension assessment, we offer a very low-cost ongoing service to make sure that your pensions are kept up to date and in line with your changing circumstances and plans. We will contact you every year to assess any changes in your circumstances and your attitude to risk to see whether changes are necessary to keep you on track for your retirement goals.

My partner and I would like to plan our retirement together. Can we do that with you?

Absolutely. We are happy to talk to you individually or together. Pension plans are always individual, not joint, but many people like to make their retirement plans together and we can help you do that.

Is your advice tailored to my individual circumstances?

Yes, our Financial Advisers will take the time to talk through your specific aims and priorities in retirement, to assess your individual circumstances and tailor the advice to you.

Can you help in creating a New Pension for me?

Currently, we do not set-up new pensions as a stand-alone service.

What if you can’t find a better pension than my existing one(s)?

Our advice will always be in your best financial interests. In the event we are unable to find any recommendations to improve your pension, our assessment will not cost you a penny.

Can you advise on final salary pensions?

Yes, we have advisers who hold the required qualifications to advise on final salary pensions.

How long will your service take?

We aim to provide a fast and efficient service. We, are, however, dependent on the pension providers to supply information about your existing pension(s) and this can take a few weeks. We can’t start our assessment until we receive your completed and signed ‘letter of authority’ as this gives us permission to access your existing pension information. So the sooner we receive this, the sooner we can begin to assess the suitability of your existing pension.

How long will my call with the adviser take?

This depends, but on average your conversation with your appointed adviser, to get an understanding of your personal circumstances, financial outlook and retirement objectives will take approximately an hour.

Are you linked to the Department of Work and Pensions?

No, we are a completely independent financial advice company and in no way linked to the Department of Work and Pensions (DWP).

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We provide simple, clear and honest advice and we’re here to help. If you've got a question or want to know more about any of our services, simply click the button below and complete our contact form.

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