Visualise it, and make it happen
Deciding on the options that will help you achieve your retirement vision may seem difficult. But what’s the best way to get help with a difficult subject? Consult an expert.
Five good reasons to get expert help with taking your benefits
1. Avoid getting bogged down in all the options.
There’s a lot of choice – which is good, but it can also be bewildering for some people. What’s more, some of the options work in completely different ways that make them difficult to compare with each other. An expert can help you make sense of all the options.
2. Take your situation into account.
There’s no such thing as a ‘one-size-fits-all’ retirement – at least, not anymore. An expert can take an objective look at your personal situation and see which options might be more suitable for you.
3. Get better value from your retirement savings.
An expert who knows the market will be able to help you ‘shop around’ to get the best deal. You do not necessarily have to stick with your existing pension provider.
4. Find options you hadn’t thought of.
An expert who’s familiar with the options may be able to understand different solutions, for example, combining options in ways you hadn’t thought of.
5. Avoid costly mistakes. You can’t change your mind about some of the options once you’ve taken them. An expert can help you make more informed decisions you won’t regret.
Guidance – or advice?
The table below sets out the difference between guidance or advice at a glance.
The differences between guidance or advice at a glance
- is general and does not constitute regulated advice
- is freely available from a range of sources
- explains the options available to you to help you understand
- won’t recommend which options you should choose, or any other actions
- is usually free of charge
- is specifically tailored to you and your circumstances
- is only available from regulated financial advisers, including Foster Denovo, the parent company of Secondsight and Aspire to Retire
- explains the options available and recommends which ones would be good for you to choose
- suggests other actions you should take
- will need to be paid for
| Guidance | Financial advice |
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The following organisations can also offer general guidance about pensions, retirement and finance.
- MoneyHelper can help with all kinds of pensions – workplace, personal and State. MoneyHelper also has information about consumer finances, including savings and retirement.
- Pension Wise provides guidance about the different ways to take DC retirement savings. If you’re aged 50 or over you can book a free guidance call.
- The Money Charity offers research, statistics and advice on how to stay on top of your finances.
Getting financial advice
Financial advice is only available from regulated financial advisers. As it’s a professional service, you are likely to have to pay for financial advice.
Individual advice is available through Foster Denovo, the parent company of Secondsight and Aspire to Retire.
You can contact the team by calling 0330 332 7866, or by emailing advise-me@fosterdenovo.com. Foster Denovo will explain any fees clearly in advance.
- You can go here for a Find an adviser list you can search by postcode.
- The MoneyHelper website has a directory of financial advisers who specialise in retirement advice and a video about getting financial advice.
- The Financial Conduct Authority (FCA) regulates financial advisers in the UK. It holds the official register of financial advice firms. If you’ve found a financial adviser you’d like to use, you should check whether they’re on the FCA’s register.
| Foster Denovo | Other ways to find an adviser |
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Individual advice is available through Foster Denovo, the parent company of Secondsight and Aspire to Retire. You can contact the team by calling 0330 332 7866, or by emailing advise-me@fosterdenovo.com. Foster Denovo will explain any fees clearly in advance. |
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Why take financial advice?
A good financial adviser will look at your circumstances and work with you to help you achieve your retirement vision in an effective and economical way.
1.Happiness in retirement.
This isn’t just about having enough income – it’s about making sure it enables you to do all the things you’d like to. A financial adviser can help you understand what your money can do for you.
2. Leaving money to your loved ones.
Working with a financial adviser can help you pass your estate on to your family as efficiently as possible, without either you or them paying too much tax.
3. Peace of mind.
There are more important things in retirement than worrying about your finances. Working with a financial adviser can give you the peace of mind that you’re taking your retirement income in an effective and good-value way, your money is suitably invested and the people important to you are protected.
Questions to ask a potential financial adviser:
- What are their qualifications? They must be qualified to a minimum of Level 4 of either the Regulated Qualifications Framework (in England & Wales) or Scottish Credit and Qualifications Framework (in Scotland) and have an up-to-date Statement of Professional Standing.
- What do they charge and how much are you likely to pay? They may not be able to tell you exactly up front, but they should be able to give you an idea as part of their terms of business and their ‘services, costs and disclosure’ document they must make available to you.
- Do they have many clients in a similar position to yours? This shows they have experience of advising people like you.
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