Pension Advice

CEON44

Any recommendations for a Financial Advisor who specifically deals with ex works pensions. Lot of sharks out there in this area. Want someone to give best advice that is most beneficial to me, not to their own pockets

steveymp

I would do a lot of research online first or ask friends and family for any contacts.

IFA's obviously make their money from commission and will steer you towards the higher paying products in their favour rather than yours. They are right up there with Estate Agents and 2nd hand car salesmen (ducks and runs for cover:rotfl:)

CEON44

Yes, this is my worry. Just dont trust them but wondered if any of them specialise in pensions

Zola.

who was your previous pension with? Why not talk to them? Or move it into a SIPP

Ticked

There are sharks - and there are good guys, same as any business. Separating them beforehand is the hard part. You could try getting advice from several sources, your bank, pension company etc., but personal recommendation is hard to beat. Best advice I had came 2nd hand from a friends FA (too many years back to remember who the FA was), but he said to retire without debt was vital. No mortgage, car loan, credit card debt, nothing outgoing except normal household running expenses. I thought this sounded sensible, bust my guts and achieved it. Well worth it, sitting happy now. I hope you find an ethical FA, they do exist.

saverbuyer

Ticked wrote: »

There are sharks - and there are good guys, same as any business. Separating them beforehand is the hard part. You could try getting advice from several sources, your bank, pension company etc., but personal recommendation is hard to beat. Best advice I had came 2nd hand from a friends FA (too many years back to remember who the FA was), but he said to retire without debt was vital. No mortgage, car loan, credit card debt, nothing outgoing except normal household running expenses. I thought this sounded sensible, bust my guts and achieved it. Well worth it, sitting happy now. I hope you find an ethical FA, they do exist.

I agree and disagree with this. Ideally yes, retire without debt. But a mortgage at say 1.5% at 65 for a few years so you could put money into the pension at 30. With 35 years growth... Really there's no one size fits all. I'd personally say pick a target income and work out what you need to save to achieve it. It's all guess work. What will interest rate be, inflation, annuity rates, fund growth etc etc. All finger in the air stuff.

I went for a SIPP and work on the assumption that the state pension won't exist. You're right, meet my target I'll have to bust my guts. It's scary the number of people who think saving £200 a month will get them 20k a year.