Posted on: 10th June 2022
Under changes brought in this past week by the Financial Conduct Authority (FCA),providers will now give their customers a stronger nudge towards receiving financial guidance in regards to accessing their savings, referring to Wise for free, impartial advice regarding pension options.
Under these changes, providers will better explain the purpose of Pension Wise and book an appointment for customers to explore avenues.
Time in Mind
Pension freedoms have made it much easier for those over 55s to have better access to their pension savings instead of buying aannuity for a fixed income.
At a time when a cost-of-living crisis is hitting pensioners extremely hard, being advised on making the right decisions with your financial future is seen as vital. The step to providing help and guidance on retirement options has become of vast importance for many people approaching retirement age and receiving the right outcomes.
Pension Wise was started by the UK Government to offer free, impartial information and discussions, outlying the options and risks of.
The staff are trained to extremely high standards and have a customer satisfaction rate of over 90%. Unfortunately, not many people who withdraw their pension money use Pension Wise at all – ending up losing money to scammers, withdrawing too soon, or paying way too much tax. For those who cannot afford advice from a professional, it is a lifeline that can be of use.
Independent Financial Advisers
The role of independent financial advisers Manchester is that of helping clients find the best product and explaining all of the options which is a more personalised service than that of Pension Wise.
A relationship with a financial adviser encompasses not just pensions, but other financial decisions on the road to retirement – helping to understand all implications of different decisions, how to plan and make the most of their options, and being kept up to date with changes and the range of products that they can find.
Whilst Pension Wise guidance can be the most useful around the age of 50 before money can be taken, working early with independent financial advisers Cheshire helps you to understand benefits and risks much sooner whilst clients are relatively young – way before they plan to retire.
Whilst the appointment process for Pension Wise needs some work to create a smoother, streamlined way of meeting those with needs – and with only 1 in 33 eligible having taken an appointment – many people feel the value of financial advisers providing a more personalised approach is also a worthy.