pension help

Is Expert Advice On Your Pensions an Expense You Truly Need?



Posted on: 18th June 2024

Every penny counts in the cost of living crisis, and what you opt out of today to save some money may help in the short-term, but are some things you don’t spend on preventing you from having a happier later life? Over the last few years, personal pension contributions have decreased, with people finding it tough to face the financial uncertainty that the 2020s have presented in many forms. The performance of your pensions may feel like a sparing at the moment, but in later life, they make a substantial difference to your comfort. You may feel paying for independent financial advisers Cheshire to get expert pension help is worth the expense at this time. With your pensions and the pension advice Manchester that we provide, you only get one shot to fill your retirement planning Cheshire.

Establishing a Pension

You won’t need to spend money on an adviser to establish your pension. Under auto-enrolment, any employee over 22 is automatically included in any workplace pension scheme. However, if you are not in a workplace scheme, you will need a personal pension – and this is where independent financial advisers Manchester can be a great benefit.

Managing your retirement pot is something you can do yourself, but doing so with confidence and knowledge from pension advice Manchester provided by an adviser will protect you from making the wrong choices.

Of course, an adviser can also help establish your pension with investments that reflect your goals and risk tolerance. An adviser will monitor the performance and assure you everything is going as it should. An adviser is also crucial in helping you combine your old workplace pension pots.

Pension Access

An adviser is vital when it comes time to access your pension to fund your retirement planning Cheshire, helping you to understand the choices and options available.

Unless you are in a defined benefit or final salary scheme with a set income, savers typically have a lump sum from a defined contribution scheme that can be transformed into a retirement income. With some options having a fair amount of complexity, an independent adviser can explain them and help you make the best decision in line with your strategy and life goal.

But Is It Worth the Cost?

You must remember that your first initial consultation with independent financial advisers Manchester is free of charge, giving you a sense of whether the advice you need will be worth the expense.

Following that first meeting, advisers will charge either a flat fee, an hourly one, or a percentage of how much you invest. Charges are typically between 1%-2% of the value of the assets and lower percentages for larger assets. An hourly fee can be anywhere between £50 to £250.

A credible adviser will justify their fee by working to make you wealthier. No adviser wants to see you lose money – their entire operation is based on making you financially better.

Contact the team at Haven IFA today for pension help, advise on retirement, and any financial concerns.