Pension Advice in Sheffield – IFA in Sheffield

Managing your pension is something most people delay. However, if this is the case then finances could be affected in later years. If retirement is upcoming, then a beneficial idea may be to seek local pension advice from an Independent Financial Advisor (IFA). 

Over the years, personal pension or workplace pension might have been paid into multiple accounts, some of which may not be relevant. Because of this, many clients end up being unsure as to what they are likely to receive.

If you have pension pots totalling more than £10,000 it may be worth looking towards paying for advice – This is known as a Pension Health Check.

Some employers who offer defined benefit schemes (final salary pension) can incentivise members to switch benefits to a different provider.

Once there is a Pension Advisor you have established a trusting relationship with. They will regularly review your pensions; this will ensure that you are on track to your desired income for retirement.

Getting all your pensions with one provider 

If you do not have pension reviews on a regular basis, then you may be missing out on important facts about the pension you’re receiving including:

  • The plan’s performance

or

  • Possible added charges which could affect the amount you are eligible for in retirement.

Customers often like the idea to have one provider to cover all their pension plans making it easier to keep track.

Firstly, before considering a pension transfer please seek advice from an experienced and qualified pension advisor who will make a personalised recommendation. 

At retirement advice 

If you are at retirement or retirement is near, again this is where many people begin to look for pension advice. This is a great chance to speak to an IFA in Sheffield to guide you down the right path.

For those who are over a particular age, Pension drawdown (aka income drawdown) will allow a person to cash in a percentage of their pension tax-free.

 From time to time, these rules do vary so it’s important to check with your advisor, who will be happy to inform you on what’s currently in place. 

By speaking to a qualified Independent Financial Advisor, you may possibly have more opportunities to increase your income in retirement. On the other hand, a pension provider may provide you with a less welcomed annuity when it comes to receiving your pension.

If you would like some pension advice, please get in touch – we would love to point you in the right direction.

Please give us a call on 0114 4070086 and we’ll arrange your pension health check. 

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