There has been much in the press for a while about who is allowed to provide the guidance for people about pensions and many are saying that policymakers need to appreciate the low level of understanding that is out there about financial management particularly in this area. A recent survey of private pension savers near retirement age asked them to rate their own knowledge. Just 28 per cent knew they could take only 25 per cent of their pension tax-free.
Surely any guidance should ensure people have a minimum understanding of the key issues and that should include and understanding of the state pension, including information about when and how to take it. There needs to be a clear understanding of the choice of how to use private pension saving and the key facts spelled out. Good planning needs to be thoroughly understood, looking at income now and later and for family and care , it all really need to have been thought through.
Guidance needs to be impartial, which means it needs to not offer opinions, even though setting out the pros and cons of each option can run the risk of bias it is something IFAs are experienced at.
Of course it is possible to get best-practice kite-mark standard guidance delivered commercially.
If you are approaching your retirement and want some help understanding your options and choices delivered in an impartial manner that is exactly what Enables IFA’s in Bishop’s Stortford are trained to do.
Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE