Wednesday, 23 May 2012

Pension Advice: Pension decisions

It is the most important decisions in life which are often the hardest  to make and making a decision about which pension scheme is best for you is certainly an important decision. If you want to have peace of mind about how you will live when you retire then it is important that you get it right the first time. This means taking sound pension advice and understanding how best to weigh up your options. So, should you bear in mind when considering your pension options?

There are quite a few pointers which might be considered when trying to decide which pension scheme will be of the best benefit to fulfill your needs. An experienced Financial Adviser will always advise you of the pension options available to you and what the pros and cons are of each. However, it is also important that you understand the options being presented to you and that you take your time in making this decision as it will affect your finances for the future. Below are some pointers for you to consider:

1)      Fully research all the pension options available with firms such as Pension Lite to you by seeking advice from a Financial Adviser who has access to the maximum number of lenders possible.
2)      Certain pension schemes give you more control over how your pension fund is invested. If you want this level of control then be sure to ask your Financial Adviser about these types of pension schemes.
3)      Write a list of all pros and cons of each pension scheme available to you
4)      Always compare the charges on different types of pension schemes as this will influence which scheme you decide to go for. Stakeholder Pension Scheme’s charges may differ to occupational scheme charges.
5)      Always bear in mind how flexible the pension options are and how flexible you are wanting them to be.
6)      Be aware that with Stakeholder Pensions the extra charges must be clearly defined and explained to you.
7)      Speak to your employer about your pension options before deciding on which is best for you, as they may also decide to contribute to your pension scheme.
8)      Fully research pension transfer charges

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