Finding Your Way to Pension Pot Freedom

It’s a hard pill to swallow, but many would-be retirees across the country have to deal with problems getting their money out of pension plans. Phoenix Life, one of the major pension providers nationally, has been at the forefront of numerous complaints. The reason? The company does not wish to let go of the money until someone can prove they’ve talked to a financial adviser. Is this smart or a case of customers being railroaded by companies yet again?

It’s a mixture of both issues, but the mishandling of pension pots is a growing issue as many workers are beginning to desire to access money they’ve saved for decades. Whether you have a small pension or a rather large one, there are some things that you need to keep in mind in order to be sure that you’ll have access to your money.

Pension Pot Freedom

Check the Original Contract

The original contract on the pension policy is your best friend. It can be hard to keep records like that, but it’s highly recommended that you do. Long before you want to try to get the money out, try to see if you can get a copy of the contract. If you have the original one, this is a great time to make sure that you weren’t automatically pushed into terms that aren’t favorable for you.

These contracts are pretty lengthy for a reason: they want to make sure that you truly understand what’s going on behind the scenes. Even though all of this legal language is usually well above people’s heads at the time, they do need to try to remember a few details. One of the key particulars is what happens when you want to access the money. If you have to show proof that you spoke to an adviser, what type of adviser will they accept? Many building societies have links to low cost or even free advisors, but that really isn’t the point. [Continue Reading…]

How to Get the Most out of Hiring a Financial Advisor

Worried about the DIY approach to your finances? Looking for expert advice? An independent financial adviser is a good idea. One of the top reasons that people go the DIY route is that they believe that the fee you pay for financial advice just isn’t worth it. A good adviser is someone that looks at your financial items as a whole, rather than just a few figures and a handful of facts. They want to get to know your goals and your real desires, not just a few bullet points on a questionnaire. The good ones will help you save your money, grow your money, and otherwise make better financial decisions than you did in the past. Of course, they aren’t a “magic bullet” solution: if you spend too much money on credit cards, you will probably continue to have out of control spending even after you hire an IFA. Likewise, if you don’t take time to learn the fundamentals of investing, you’ll most likely hit a brick wall.

Financial Advisor

But the fine points of getting expert advice still apply: better decision making, provided that you get a real pro at your fingertips.

To start your search off right, try to look around in your own personal network. Surely someone in your circle has already found an IFA they love, right? Check with them first before you go on an Internet safari. If you don’t know anyone and your circle doesnít either, all hope isn’t lost. There are sites online that do nothing but provide reviews of IFAs and verify that each review is submitted by a real client, not a computerized fake account designed to promote the business without providing value.

Now, you might use a site to find an IFA. Are you done? Not at all. You need to make sure that you interview the other party thoroughly. The first question should be to check whether or not they’re really independent. If they’re a restricted adviser, they can only push forward certain products. A true independent can show you all of your options. Not only should they be an independent, but they should also be authorised by the FCA to give real financial advice. The FCA has a section on their website where you can check this out. [Continue Reading…]

Cutting the cost of your wedding day

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Your wedding day is supposed to be one of the most magical days of your life. However funding your big day is another thing. Many rely upon their parents or raiding their savings, others prefer to get a loan to fund their day. If you are opting for a … [Continue reading]

Executive office layouts: leadership through design

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Answering your questions about life insurance

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Life insurance is one of those financial products that most people have heard of but relatively few truly understand the different types that are available. It is a critical feature of modern life, and therefore it is important to know what is … [Continue reading]

How to manage your business finances

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Running a business is challenging. Whatever expertise you may have in your specific field, operating a business that delivers services or goods within this field requires a completely different set of skills and abilities. Given that the primary … [Continue reading]