Approaching Retirement, Have Multiple Pensions and Need Advice? When approaching retirement, the urgency to review your pension policies and your retirement prospects increases.
Over your working careers, you may have accumulated several pensions. Assessing what these policies will amount to and how to get the best from them at retirement can present a mountain of paperwork; a pretty daunting challenge for most people. This situation often leads them just to accept the offers put in front of them. It’s a sad fact, but this is one of the reasons why many people don’t get the best return from their policy; which is a shame considering it’s something you have been working towards all of your life.
Your best course of action is to meet with a fully Independent Financial Advisor and gets some quality pensions and retirement advice. You can’t beat face to face advice. After all, it’s tough to determine trust over the internet or the phone. It is your retirement we are talking about, something that you are going to have to live with for some time.
A good advisor will review the details of your financial situation, including income and outgoings, assets and liabilities, as well as details of your pension plans and retirement aspirations.
They will ask you to sign a ‘Letter of Authority’ that tells the pensions companies that they have your authority to gather information on their behalf. They will then write to your pension companies and obtain details regarding any guaranteed benefits, open market options and transfer values.
If you have received annuity offers from your existing policy providers, you don’t necessarily have to accept the offer made. It’s a good time too to get some expert advice and explore the Open Market Option. You can get several competing annuity offers and potentially get a better annuity rate.
Approaching Retirement, Have Multiple Pensions and Need Advice?
Your advisor will go to the market to obtain the highest possible income from your combined pension funds and help you complete the paperwork and chase the money through the system. You will have the whole process taken off your hands.