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Sun 24 Sep 2017 15:04 GMT
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UK Pensions the Easy Way

Helping You to find the best UK pension plan

How do I get a Pension?

How do I get a Pension?
Published:  22 Feb at 7 PM
As with any purchase that will directly affect your future, it is important to get advice on which is right for your needs and circumstances. In addition to making the right choice of pension product, you also then need to ensure you choose the right pension provider so it can be somewhat of a minefield. It’s difficult finding your way round this minefield but with the right guidance you can accurately select the right one and this often comes in the form of an Independent Financial Adviser. They can often provide you with advice on which is the best option and in many cases come up with a tailor made plan.

Unfortunately, as with anything, this advice will come at a cost whether that be in the form of a commission or a fee based on the amount of time the adviser spends helping you. However, the amount you spend is likely to be recouped in the amount the advice saves you, directly or indirectly. That being said, cheaper is not always better and it’s important to take into account what every provider is offering. Independent Financial Advisers are required, by law, to give whats referred to as best advice and are required to give you an unbiased recommendation on which is the best pension for you. The fact that they are meant to be unbiased is further confirmed as they are required to set out their reasoning in a letter. It may take a few hours or even days to really read through and understand the different plans but once you have, you’ll be set for life so it really is worth putting in the time.

It is also important to be careful when selecting your pension provider. If there are problems, the possibility of getting compensation is virtually non-existent if your purchase was made directly through the pension provider or an execution only service that many financial advisers offer. However, if you may be able to claim compensation from an adviser if the information and advice they provide to you causes you to make bad decisions. It’s important to note that this doesn’t include the investment choices, for example if you lose a lot of money because the investments have lost money e.g. the stockmarkets fall or a fund is invested poorly, this would not be the advisers fault.

Where possible opt into any occupational pensions offered by your company as they’re are often a great way of earning more for your pension. They are also generally the best pension plans so when you are offered them, it is well worth it. For more information on occupational pensions view the other article in this series on them. Pensions can be quite difficult to fathom but this set off articles will hopefully provide you with enough information on pensions to allow you to make an educated and considered decision on which is right for you.

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