pensions advice

hazelh

With the changes coming in in APril, when are we able to use the advice services mentioned along the way. I do not have an IFA at the moment ( for a few reasons) and am currently in drawdown.

dunstonh

when are we able to use the advice services mentioned along the way.

The Govt changed its mind on advice provision and replaced it with guidance. The guidance will offer no product or investment recommendations and will not recommend an outcome. It will present options in a generic nature. If you start asking questions that cannot be answered under guidance, you will be told to see an IFA.

You are not going to qualify for guidance as you have already crystallised your pension.

hazelh

Thanks so does this mean when the time comes I just contact my Sipp provider?

Linton

hazelh wrote: »

Thanks so does this mean when the time comes I just contact my Sipp provider?

For what? Self Invested Personal Pension Providers wont provide advice unless you pay them. And then you may as well find a friendly local IFA.

dunstonh

Thanks so does this mean when the time comes I just contact my Sipp provider?

SIPP providers wont give advice. They will carry out instructions. The adviser will give advice.

greenglide

So is the governments promise of "guidance" only for PPs and not SIPPs?

Is the "guidance" tied to SPa or any other age?

Linton

greenglide wrote: »

So is the governments promise of "guidance" only for PPs and not SIPPs?

Is the "guidance" tied to SPa or any other age?

Information on it here

The type of guidance proposed is:

• the different pension types and how they work
• what you can do with your pension pot
• what’s tax-free and what’s not

and will be available online and via CAB.

So it sounds like pretty basic factual stuff all of which could be found on the pensions advisory service website. I cant see it being much help in how to set up a SIPP to safely provide a steady drawdown income, the sort of thing people could really find useful. Surely that would have to come under "advice".

gadgetmind

It all sounds a bit "Janet and John are retiring".

Perhaps instead we need a short written test before anyone is permitted to do anything other than a vanilla annuity?

dunstonh

So is the governments promise of "guidance" only for PPs and not SIPPs?

No. Its at crystallisation, prior to decision. The OP has already crystallised

hazelh

OK think I gather from all of this that if you are already in drawdown, you just need to instruct the SIPP provider with the drawdown you want.

Dunnit

All very well those on here saying it is Janet and John but given that annuities have not been compulsory for a number of years despite most papers saying this was a new rule; the number taking out annuities without doing any comparison; and the number not taking impaired life annuities; it will be a giant step forward.