Why you should consult a pensions advisor

Planning for retirement can sometimes be anything but interesting, and the additional stress of finding spare cash to ensure that you’re secure in your retirement can be an additional burden for anyone to bear. In this guide we look at the role of a pensions advisor in making your planning a little easier, and explain why consulting a pensions advisor may be vital.

The role of a pensions advisor

A pensions advisor’s job is to inform people of their options for retirement. They should take a relatively impartial approach to the subject, and not focus solely on one pension product unless you have been informed of all your options and have specifically stated that you have a certain interest in a product.

A pensions advisor may be independent (e.g. self-employed), may work as part of a larger company that provides financial advice, or lastly, they may be a financial advisor that works in a bank.

Why you should consult a pensions advisor

Working out a plan for retirement on your own can be nothing short of dangerous; you may choose the wrong plan for your finances, leaving you struggling in later life; or you may choose an option that does not make the most of your money.

Even if you have a pretty good idea of what you’d like to do, you should talk it over with an expert, who may be able to add some insight into your thoughts.

When is necessary to see a pensions advisor?

- if you want to change how your pension is invested

- if you want to mix different pension options

- if you want to pay more money in your pension pot

- if you want to use your pension pot

- if you want advice how to ditribute your pension pot through your will

How a pensions advisor can help you

Pensions advisors can take the hassle out of retirement planning; they will be able to advise you on your specific options in terms of your age and affordability. Because of the extremely wide ranging amount of options that consumers have at their disposal, expert insight is absolutely vital if they are to get the most out of their financial contributions.

Pensions advisors: Things to bear in mind

Prior to making a meeting with any pensions advisors, you should undertake a little research; find out about your local pensions advisors by checking out online reviews. This starting point will often give you the best insight into the right pensions advisor for you.

If you feel you are being particularly pressured into a certain course of action you should refrain from signing anything and consult with the correct regulating body; which is usually the financial ombudsman, although if your pensions advisor comes from a company, then you should complain to them first.

You may want to read about: Annuities

Pensions advisors can prove to be an invaluable part of your retirement planning; however consumers should take their time in choosing a pensions advisor with good reviews. Should you find that at any point you feel particularly pressurised, you should refrain from doing any business with that person, and contact either their company or the financial ombudsman.