Pensions advice when you retire-00-3281
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Having worked hard your entire life, you probably want to make the best decisions when it comes to taking benefits from your pension funds.
Seeking advice from an independent financial adviser makes real sense, if only to help you to identify the most competitive annuity rate.
However, new research from the Annuities Clearing House (ACH) has found that half of advisers admit to having poor knowledge of the annuities market.
Only one in three advisers questioned felt they had a good enough level of knowledge of the impaired annuities market and only one in eight knew enough about investment linked annuities.
Keep in mind that these findings were based on advisers own opinions of their knowledge in the at retirement market. A formal test of their competence to advise on annuities and other retirement income options may have uncovered an even more worrying set of results.
If you are looking for an independent financial adviser to provide advice on your retirement income options, always look beyond the IFA logo on their business card. Providing advice on retirement income options is a complex area of advice.
As a very minimum the adviser should hold an Advanced Pensions qualification. This used to be known as G60 but was recently renamed AF3 Pension Planning. There is also a Diploma level qualification called JO5 Pension income options which is relevant.
Of course professional qualifications in isolation are not enough.
Ask your prospective adviser what process they will follow to deliver suitable advice on your retirement income options. They should be able to describe, in detail, the steps they will follow and the research they will complete before making recommendations.
The better IFAs out there will put this information in writing.
Not all IFAs are created equal when it comes to the competence to advise on the technically demanding subject of retirement income options. Make your choice carefully.
Article Source: Articlelogy.com
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