The key to getting the best independent pension advice is to choose a Financial Broker and not a tied agent, tied to any single provider. Then always ask for their Terms of Business, which outline whether they charge fee’s or take a commission for providing advice. You should also look up the financial advisor’s credentials on Linkedin and ensure that their services will include regular updates and the ongoing investment advice that you will require.
Independent Pension Advice – Financial Brokers
Most financial brokers can offer insured Personal Pension plan options for the self-employed and for workers without a pension scheme, as well as insured and self-directed Executive Pension Plans for company directors. However, the level of commission they take from the provider will directly impact the long-term charges associated with your plan.
Independent Pension Advice – Investment Risk & Charges
Once you have found a broker with their help, you will need to assess your attitude to investment risk when choosing both your pension plan provider and the funds in which you wish to invest. However, when assessing your provider and fund options, don’t just focus on past investment performance ask the following important questions, to assess value for money:
1. What will be my investment allocation rate?
2. What is the annual fund management charge?
3. Is there a policy fee?
4. Will you be taking a trail commission for ongoing advice?
5. How often will we review my pension plan together?
Independent Pension Advice – In Summary
In summary, getting the right independent pension advice is about choosing an independent advisor with specialist pensions knowledge offering fair value for money and ongoing support.
Having a greater understanding of pension charges and how they work and not only focusing on fund performance history and risk attitude is key to this.
More Information
For more information and on reviewing or setting up a private pension plan please call Ken O’Gorman, pensions specialist and founder of One Quote Financial Brokers on 01 845 0049 or visit pension plans.
