People’s pensions are being eaten away by dozens of hidden charges that can reduce the value of funds by more than a third.
[SOURCE: The Independent. Please click here to read more]
Citizens Advice is warning that if consumers don’t look at a range of different pension products they may end up with a poor value product which doesn’t meet their needs.
[SOURCE: Citizens Advice. Please click here to read more]
The state pension fund will run out by the mid - 2030s: The Government’s Actuary’s Department has revealed the National Insurance Fund, which pays the state pension and other benefits, will run out of cash by the mid-2030s
[SOURCE: Mirror. Please click here to read more]
£117 billion of pension savings are languishing in ‘poor’ or ‘very poor’ investment funds.
[SOURCE: The Times. Please click here to read more ]
People’s pensions are being eaten away by dozens of hidden charges that can reduce the value of funds by more than a third, new research has claimed. SOURCE - The Independent.
Citizens Advice is warning that if consumers don’t look at a range of different pension products they may end up with a poor value product which doesn’t meet their needs. SOURCE - Citizens Advice
Depending on the type of pension scheme, different tax rules apply to the rules when inheriting a pension.
A recent study showed that the average income of people who took advice was around 53% higher than the average income for those who took no advice.
You can take 25% as a lump sum without paying tax.
Following changes introduced in April 2015 you now have more choice and flexibility than ever before over how and when you can take money from your pension pot.
Since April 2015 it has been easier to safeguard your pension for your heirs. Make sure you’re keeping up with the changes.
The report will tell you exactly how your pension is performing without any false expectations.
Pension rules have changed and this is the best time to shop around! Our IFAs will go to the moon and back to find the best options for you!
Your pension plan(s) could have charges and fees that are noncompetitive by today's standards. We are sure you have heard Pensions Minister Steve Webb say: "The Government believes that enough is enough on charges."
If you have several plans and find them difficult to manage, a pension transfer to a single provider could not only help you keep better track of your money but, also help you avoid unnecessary different management sets of fees you are paying to different providers.
Have you opened a new location, redesigned your shop, or added a new product or service? Don't keep it to yourself, let folks know.
Beware of scammers!! Please note: You cannot release money from your pension before 55 unless in certain circumstances.
This service is completely free to you, our customer. We do not charge you any fee for our service.
If you feel your policies are not as competitive as they could be and could do better, we will forward your information to one of our Independent Financial Adviser (IFA) firms or specialist companies who can advise if you should be considering changing.
We will charge the IFA a fee for our introduction. Our services is simply an outsourced administrative function.
Our IFA partners will conduct a comprehensive comparison report and provide advice for you, to inform you if you should switch providers. They will identify all fees your pensions are subject to. They will then look at the complete pension market for pensions with less fees and higher growth. This part of the service is completely free and without obligation. They will contact you to assess your attitude to risk as well as consider your needs and circumstances. Our customers really benefit from this and take comfort from this personal unbiased approach.
Citizens Help Desk connects you with regulated advisers who offer you the protection of their indemnity insurers, the Financial Ombudsman and the Financial Services Compensation Scheme (FSCS).
Pension reviews have a terrible reputation right now. And you’re right to be sceptical. Many people have been mis-sold pensions via this tactic. But, ironically, this has increased the need for pension review services.
More people than ever before are in need of legitimate, impartial pension guidance. So how can you ensure you’re getting the best advice?
Citizens Help Desk is independent and unbiased. When you sign a letter of authority to start your pension review, please note down the FCA reference number on the letter of authority and you can check out the regulated adviser’s or firm’s accountability on the FCA's register (https://register.fca.org.uk/)
There are some fantastic low cost pension options available today and a huge choice of investments to accommodate all needs.
There just isn't a down side to reviewing what you have and seeing if you can improve. The IFAs will also look at if you have been badly advised or overcharged and if there is compensation you should seek.
Reviewing your pension might not be the highest priority to you right now, but if you were retiring in a couple of years’ time, you would be acutely focused on what your retirement income will be. The trouble is, it will be too late to make changes then; you need to do it now to enjoy as many years of low charges and good performance as you can.
The average person will have to save £260,000 over their lifetime to to avoid falling living standards in retirement (around £750 per month), climbing to £445,000 if they are not a home owner, according to a report by a former government pensions minister.
This has grown by around £110,000 - 75 per cent in real terms - since 2002-03 when the average amount was £150,000.
We see too many cases where customers have left it too late to make necessary changes to their investments in pensions and savings. The last thing you want, is to get to retirement and discover that your pension charges are too high and you were investing in poor performing funds. Our popular IFA’s use award winning fund managers and work very hard to use the lowest possible charging structures. This has a double benefit on performance, and the growth of your money.
The number of those aged over 70 who are in full- or part-time employment has been steadily rising year on year for the past decade.
Many people who are now working in their late sixties and seventies are doing so out of necessity to pay the rent, heat their homes and afford their weekly shop,” Catherine Seymour, head of policy at Independent Age.
The number of women aged 70 and above who are still working has also more than doubled in a decade. For men it's worse, over three times more men aged 70 and above are working full-time compared with a decade ago.
Source: Office for National Statistics data Read more here
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