14/10/2020

How Do I Appoint A New Pensions Adviser?

Let’s face it, for most people pensions are about as exciting as watching paint dry. But they are important and can be complicated. There’s plenty of fake news and misguided but well-intentioned advice. As State benefits are rolled back, we are all going to have to provide for ourselves one way or another. So, having the right pensions adviser is important.

What Is A Pensions Adviser?

A pensions adviser is a specialist. They help you build multiple sources of income so that one day you will not have to work. Of course, when that day comes you can still choose to work but that’s a personal choice.

How Does A Pensions Adviser Help?

As an experienced professional, they will help you develop a plan for your retirement. From understanding when you may be able to afford to retire based on your current plans. As well as providing a guide on the impact of modifying those plans to bring that date forward.

They will be on hand to review the plans you have made. This is especially important for ex-pats who need to consider changes in tax when they move from country to country.

Holistic Advice

When planning your retirement, it is important for your pensions adviser to provide you with advice on all of your retirement plans. These include the investments you may have made when you were in your home country or accrued through State benefits. This is because they are important elements of your retirement income.

Appropriately Qualified

In recognition of the importance of pensions, many jurisdictions require financial advisers who wish to provide advice on pensions to have additional qualifications. If your adviser does not have these qualifications, the advice he or she may be giving you may be restricted.

Changing Adviser

Pension adviser

Changing the person or company who gives you advice on your pension is a simple administrative process. First, you need an alternative adviser to appoint. So you will need to have the agreement of a suitable person to take on this role. You should also agree the service you expect and associated costs before transferring.

Changing adviser does not automatically mean you have to change the investments or funds you are holding in your pension portfolio.

Next Steps

To arrange an initial no-obligation meeting with me to discuss your pension/retirement plans, please click here. For 5 ways to supercharge your pension click here.

ABOUT STUART

Stuart Porter - Expat Financial Advisor UAE
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