1.0 Who we are
At Pension Works, we believe that everyone should have access to financial advice from regulated, specialist advisers. We also believe in total transparency, honesty and providing jargon-free guidance on what can be a confusing marketplace.
All of our advisory team are fully qualified, regulated and ethical in all the work they undertake. We have a real passion to improve, wherever possible, the futures of those we serve.
2.0 Who regulates us
Pension Works is a trading name of Pension Works Limited. Pension Works Limited (PW) is authorised and regulated by the Financial Conduct Authority (FCA), number 739922. The FCA regulates financial services in the UK, and you can check our authorisation and permitted activities on the Financial Service Register by visiting the FCA’s website at register.fca.org.uk or by contacting the FCA on 0800 111 6768.
3.0 The service we offer
We offer a free Pension or Investment HealthCheck. This will provide you with a review of your current pension(s) performance and whether it will provide you with the lifestyle you expect upon your retirement. For fund sizes of less than £30,000 it is very unlikely that a transfer will be in your best interests once our fees are taken into account. We will not normally undertake a HealthCheck for funds below this size.
If your current pension(s) or investment isn’t performing, our professionally qualified and independent financial advisers will make recommendations to improve your funds and try to make your retirement more financially comfortable.
By agreeing to our Pension HealthCheck you are under no obligation to proceed with any recommendation that we may make and no fees are payable if you decide not to proceed with our recommendations. Should you decide to proceed with our recommendations, fees will apply as outlined in the Our Fees section below. To proceed with our Pension HealthCheck all you need to do is provide us with the following information:
- The name(s) of your current pension provider(s) or
- The name(s) of your current and any past employers and
- Your national insurance number
If you have more than one pension or employer, please complete Letters of Authority for each one. Once we have received this information we will:
- Contact your existing pension provider(s) and ask them for information relating to your pension and its performance
- Review your existing pension and, using our specialist understanding of the pensions’ marketplace, compare your pension against the whole of market.
- Send you a report from one of our pension advisers who will talk you through the findings and make any recommendations on how to improve the performance of your pension.
- Following your Pension HealthCheck report, the decision on how you progress is entirely yours, there is no charge, obligation or pressure.
3.1 How to proceed with our recommendation(s)
If your policy is under-performing and you take up our recommendations to transfer, we will handle all fund and policy administration on your behalf, provide you with regular updates and ensure that everything is processed smoothly and hassle-free. Our service charge for the transfer or switching of policies is detailed in the section called Our Fees.
3.2 What is our Annual Pension HealthCheck?
To manage and maximise your pension investment on-going, we offer an Annual Pension HealthCheck that will monitor your pension and investment performance. Should you choose to take this service, it includes:
- Annual performance review of your funds, holdings and market developments
- A review call with one of our specialists to assess any changes in your circumstances, retirement goals or market conditions
- Delivery of your Annual Pension HealthCheck report with recommendations to maximise performance
If we recommend moving your pension funds to another fund but with the same provider following our annual HealthCheck, there will be no charge. If we find it would be best to move to another provider and you agree with our advice, additional transfer or switching fees will be applicable.
3.3 Cancellation of Annual Pension HealthCheck
You can cancel your Annual Pension HealthCheck agreement at any time. To cancel, just contact Pension Works by email or in writing.
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If you cancel, we cannot refund any fees already processed.
4.0 Our Fees
4.1 Our Service Fees
Our initial Pension or Investment HealthCheck is at no cost to you and without obligation. Following our initial HealthCheck, should you wish us to handle any fund or policy transfers the below fees will apply. Because of the complexity and amount of extra work involved in Defined Benefit (final Salary) pension transfers, the minimum fee that we charge is higher for these cases.
Our fees are calculated based on a percentage of the pension or investment fund amount that we transfer unless otherwise agreed on an individual basis. Our minimum fee for a Defined Contribution pension transfer is £995. Our minimum fee for a Defined Benefit pension transfer is £1,995.
You can choose how to pay our fees from the two options below:
- The easiest and most tax efficient way to make payment is for us to transfer the fees directly from your pension fund.
- Payment can be made directly to pension Works via cheque or bank transfer.
4.2 Our Annual Pension HealthCheck Fees
Our optional annual Pension HealthCheck service fee is 0.3% of your fund value per year.
Fees can be paid either via a monthly transfer directly from your pension fund (which we can administer) or via a direct payment to Pension Works Limited.
4.3 Insurance and Protection Product Fees
Fees for arranging Insurance and Protection Products are paid directly to us by the providers. You will not be required to pay fees for this service. We will always disclose to you what these provider fees will be in advance.
4.4 Value Added Tax (VAT)
Under current legislation, our services are exempt from Value Added Tax (VAT). We will notify you before conducting any further work should any changes in government legislation occur.