Without your permission, the IFA cannot start your pension review as all IFAs are regulated and authorized by the FCA.
Once you have completed a Letter of Authority (LOA), IFA will write to your pension provider requesting up to date pension information which includes illustrations, projected income at retirement and a breakdown of what you are being charged as fees by your pension provider.
The normal response time for receiving this information can range from 1-6 weeks depending on your pension provider.
Once the information has been received, IFA will give you a phone call at your convenient time and provide you with all your current pension information and potential options available to you, so you are in a fully informed position.
If the IFAs believe there is an alternative option that would benefit you, they will put you in touch with all the necessary third-party intermediaries in order to pursue any opportunities of interest. If you do not wish to go ahead then there is no obligation.
An under-performing pension pot can leave you with much less in retirement than you expected. A pension scheme that doesn’t allow you the access you expected can give you much less flexibility. A pension scheme with high charges can see your savings slip away.
Our initial, no obligation free pension review is designed to tell you both what’s not working for you and what is working well. IFA will talk you through the new options offered by the pension freedoms (2015). If you are a member of a final salary pension (Defined Benefit) pension scheme IFA will discuss the potential advantages of a pension transfer and the risks.