Frequently Asked Questions
Being clear and totally 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.
Below is a list of some of the most frequently asked questions we receive about Pension Works. If you’d like to know anything else, our customer services team will be very happy to help.
Your questions answered
FAQs about Fees & Charges
No, we bear the whole cost of the initial review of your existing pension(s). We only make a charge 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 ask us to implement our recommendations.
Our initial Pension HealthCheck is free without obligation. Following our advice, if you wish for us to transfer/switch your pension(s) to the new provider suggested our fees are very competitive. For defined contribution pensions we charge a minimum of £995 or 1.75% whichever is the greater for pension funds under £100,000. Pension fund value of £100,001 to £200,000 our charge fee is 1.5%, £200,001 to £300,00 is 1.25% and £300,001+ is 1%. For defined benefit pensions (final salary) we charge a minimum of £1995 for pension funds under £133,000. Pension fund value of £133,001 to £200,000 our charge fee is 1.5%, £200,001 to £300,000 our fee is 1.25%, £300,001 to £1m is 1% and over £1m charge fee is 0.65%.
We charge only 0.3% of your pension pot per year for our ongoing service. So on a pension pot of £50,000, you would pay £150 per year. Our ongoing service fee is highly competitive. According to a Schroder's Adviser Survey in 2015, 30% of adviser firms charge 0.5%, 40% 0.75% and 30% charge 1% or more of your pension pot.
You can pay the fee out of your pension pot. You do not have to write us a cheque. When we are looking at whether a transfer is in your best interests, we will take into account our charges in our analysis.
Our competitive fees will only be taken once we've completed the proposed transfers of your pension policy. Your service fees can be taken directly out of your pension provision, so you do not have to pay us directly.
FAQs about Pension Works
Pension Works is an independent pensions advisory company. We have a team of experienced and highly qualified Financial Advisers who will review your existing pension(s) to make sure that they are in the right place, performing well and low cost to help you achieve the retirement that you would like.
We are based in Knutsford in Cheshire, North West England but we have clients all throughout the UK.
Yes, we are regulated by the Financial Conduct Authority (FCA). You can check here, https://register.fca.org.uk/, using our reference number, 739922.
You can check our authorisation on the Financial Conduct Authority register here, https://register.fca.org.uk/, using our reference number, 739922.
No, we are completely independent and not tied to any government service or department.
We cannot help with pensions that are not UK based.
We do not hold a Qrops licence to transfer a UK pension overseas.
You are required to be a UK resident for us to advise you on your pension.
We advise on private defined contribution pensions and defiend benefit pensions. We cannot advise on state pensions nor public sector pensions e.g NHS
No, we do not handle or hold any of your pension funds. All transfers are made between pension providers for your protection. Our fees for transfer should we execute the transfer for you, will be paid from your pension fund by your new provider.
FAQs about our service
Yes, Pension Works is a completely independent company and we are required to give you advice which is in your best interests and based on your individual circumstances. We are not tied in any way to any particular pension provider and, as an independent business, we search the whole of the market on your behalf.
We review the whole of the market in order to find the most suitable pension provider and fund for you. A lot of our competitors are restricted to just using a few companies but we believe that it is important to look as widely as possible to find the best fit for your individual situation.
Our fully qualified and regulated Financial Advisers will review your existing pension(s) against your plans and aims for your retirement. They will check whether there are better value or better-performing pensions that better fit your circumstances. In order to do this, they will gather information on your existing pension(s), talk to you about your personal circumstances and your plans and prepare a personalised recommendation for you. If we think that your current pension is in the right place, we will tell you. If we think it would be in your best interests to move to another pension, we will explain why and, if you wish, we can help you to make the transfer.
As well as conducting your initial pension review, 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 run through your circumstances, your attitude to risk and the performance of your pension to see whether changes are necessary to keep you on track for your retirement goals.
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.
We can advise on all types of pension.
Currently, we do not set-up new pensions as a stand-alone service. We do HealthCheck current private pensions and if appropriate we can assist with transferring or setting up a new pension for clients.
Our advice will always be in your best interests. So whilst we can often find a better pension plan that fits your circumstances if we can’t, we will tell you. In these circumstances, the review will not cost you a penny.
Absolutely. As well as conducting your initial pension review, 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.
Yes, unlike most firms, we have Advisers with the extra qualifications to advise on final salary pensions. Whilst final salary pensions have been regarded as the “gold standard” of pensions, they do not suit everyone’s circumstances and plans and our Advisers can help you understand if it is in your best interests to stay in your final salary scheme or transfer to another type of pension.
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 review until we receive your completed and signed 'letter of authority' as this gives us permission to access your existing pension information. So the sooner you send us this, the sooner we can start the process.
This depends but on average your conversation with our Adviser to get an understanding of your personal circumstances, financial outlook and retirement objectives take between 20 and 45 minutes.
We are not a pension provider. Your agreement with us will cover the provision of our initial advice and our ongoing review of your pension on an annual basis if you choose this option. Your actual pension will be controlled by your pension provider.
No, we are a completely independent financial advice company and in no way linked to the Department of Work and Pensions (DWP)
You can cancel by withdrawing from the pension contract. Normally, you will have a 30-day cancellation period for a pension policy. However, please be aware that should you accept advice to switch pension providers and you then cancel within the 30-day period, the original provider may not accept the funds back. You can stop our ongoing service at any time by giving seven days’ notice in writing, after which we will stop taking the ongoing charge on a monthly basis.