When we started the UK Pensions Blog, our research into the new Pension freedoms indicated two pretty clear routes for those seeking to manage their own pensions in retirement. If you know a little about investment and are confident in your own knowledge and ability to manage your own Pension there are a multitude of DIY investment platforms out there – all ready and willing to take your money and provide you with the online functionality to manage it as you desire. Platform charges vary widely depending on which features you consider most important but we have included best buy tables to help you sort the wheat from the chaff.
Conversely, if you are new to investing and need more detailed guidance, there is also what should now be a well established route – start with a call to Pension Wise to arrange a detailed telephone or face to face discussion about your options and to learn about the pooh traps you need to avoid. Then go and see an Independent Financial Adviser (IFA). They will be able to review your situation in detail and provide the regulated advice and investment support that you will need to manage your Pension effectively throughout your retirement. If you don’t know an IFA personally, (and let’s face it, few of us do) we review the comprehensive web sites that point you towards a local IFA. Several of the sites even have detailed consumer reviews of the IFAs, rather like TripAdvisor.
But the simplicity of such a twin track approach has been skewed by the market and recent regulation, such that for many new retirees, advice from an IFA is either not available or is just too expensive. So how has this happened, and what can be done about it? (more…)
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