Two Men Discussing Their Pension Over Coffee

Do I need a pension adviser to transfer my pension?

You might have arranged a loan, set up a mortgage, or even set up your own business without any help from a financial adviser. It’s tempting to take that approach to pensions – after all, retirement planning is a personal decision. However, for many people, using the services of a pension adviser can be not only helpful in a pension transfer, but also save money.

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Shop around before you drawdown

Shop around before you drawdown: your current pension provider might not be your best option.

Once you approach retirement age, a key decision to make is how to make use of your pension income drawdown. However, your current pension provider may not be offering you the best drawdown deal – and this could be costing you money. Here are three key questions to consider, to help you decide whether your current pension provider is best for you.

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Old Workplace Pensions

New Job? Exciting times – but don’t leave your old pension behind!

Getting a new job is great news but comes with its share of challenges. It may involve a new role, a different commute, or even a total relocation. On top of this, there are also things to organise with your old workplace, like a handover meeting. But have you thought about what’s going to happen to your old workplace personal pension? Amongst all the excitement of changing jobs, it’s important not to lose track of your old workplace pension. Here are three areas you should check:

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5 tips to make it easier to manage your pension funds

Want to make managing your pension funds easier? Here are 5 tips to follow

It’s often difficult to keep track of multiple pensions – not only does this stop you from knowing how much your pension pot is worth, but it makes retirement planning more difficult. Here are some tips to make life easier:

1. Consolidate your pensions into one fund

Our article a guide to pension consolidation explains the many benefits of merging multiple pensions. As well as ensuring you get the best potential return on your investment, pension consolidation also helps you to avoid hidden charges from your pension provider, that might be losing you money. For the purposes of retirement planning, however, a key benefit of pension consolidation is easier pension management.

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Annuities versus drawdown

Should I buy an annuity? Or is income drawdown the future?

Thanks to pension freedoms, there is now more flexibility than ever over how you are going to take your pension. Pension drawdown has become particularly popular in recent years, but there are still advantages to the more traditional pension annuity.

What are the differences between drawdown and annuity

Income drawdown is the newest option. Your defined contribution pension acts like any other investment as you pay into your private pension and – hopefully – see your investment grow. When you retire, you can withdraw money as and when you need it. The rest of it stays invested in your pension pot to potentially keep growing. A pension annuity, however, allows you to guarantee a regular income for the rest of your life or for a set period of time. The income is always there, and in most cases, you cannot change or cancel if you change your mind.

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5 new tax year resolutions you could make

5 New Year tax resolutions you could make for retirement planning

As the new tax year approaches, now is a perfect time to think about making your finances work for you, especially when it comes to planning your retirement. The concept of the financial year isn’t just limited to accountants or financial advisers. It affects us all, as savings such as ISAs and personal pensions have limits on how much you can invest per year. Other deadlines also depend on this calendar – which is why this is the busiest time of year, as many tax breaks cannot be carried forward to future years.

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5 tips for retirement planning

5 things to consider as you approach retirement

1.) Check your State Pension

As a first step in your retirement planning, it’s simple to check how much state pension you are entitled to. You can do this easily on Gov.uk here. The amount you receive depends on how many ‘qualifying years’ you have earned – how long you have been paying National Insurance contributions. If you have 35 full years, then this will qualify you for the maximum amount of guaranteed income. If you have gaps, you may be able to pay to fill in these missing years.

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Can you transfer your pension at any time?

Can you transfer your private pension at any time?

Like with any financial product, people have become used to shopping around to get the best deal on their personal pension. The option to transfer your pension has become increasingly popular, to guarantee the best possible rate of return. However, there is so much choice available that it can be tricky to decide on the final defined contribution pension without expert financial advice from an Independent Financial Adviser.

Pension freedoms mean that, yes, you can move your pension at any time to a different provider. There is a lot of pension transfer advice available, and with many providers offering a vast array of products, it can be difficult to pick out which one is really for you.

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Should your pension fund always grow?

Should my pension fund always grow as I pay into it?

The workplace pension is something that many people take for granted. You contribute towards it whenever you are paid, your employer might add their own contributions, and you will also be paying into your state pension. You might even have an additional private pension fund you are paying into. However, this is no guarantee that your pension is growing as you expected it to, especially if you have lost track.

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