So, you thought taking out a mortgage was going to be the biggest financial decision you would ever make? Not any more!
These days, the most significant and lifechanging financial choice comes later in life and concerns how to draw money out of your work pension.
There has been a lot of negative press surrounding the issue, including horror stories from people who got it wrong. To ensure you reach your happy ending, you need to seek the best financial advice and have confidence the firm you are dealing with is going way beyond the minimum requirements expected by the profession.
We have signed up to a new professional benchmark, created by the Pension Advice Taskforce, that aims to help consumers understand what good advice looks like. The Pension Transfer Gold Standard is a voluntary code of practice that will help you find the expert support needed to work out what to do with your pension.
By adopting the Gold Standard, we are committing to providing financial advice that is underpinned by nine principles. They are:
- Helping clients understand when advice is appropriate
- Ensuring advice given supports the client’s overall wellbeing, in the context of their stated objectives
- Ensuring client understanding and acceptance of all charges
- Ensuring the most appropriate and updated technical skills are applied
- Providing transparent management of conflicts of interest
- Helping clients understand the cost of transferring benefits
- Avoiding unregulated investments and introducers
- Providing transparent advice processes and outcomes
- Promoting the Consumer Guide to the Pension Transfer Gold Standard
In addition to adhering to these values, we also have to prove we have the correct permissions to handle pension transfers, that we are not under any form of investigation by our regulators and we have adequate indemnity insurance and the resources to cover any excesses.
We are proud to be among the first wave of firms signing up to this code of practice and we hope it will help you make an informed choice about your pension benefits.
This is a major decision and one that requires extensive research and analysis. For your future’s sake, please don’t get it wrong!
If you would like to discuss your situation and your pension benefits, don’t hesitate to contact me on (01246) 298181 or email: firstname.lastname@example.org
To find out more about the Pension Transfer Gold Standard, visit https://www.thepfs.org/about/inside-the-pfs/the-pension-transfer-gold-standard/