Using the Pensions Advisory Service Website
You can set up a personal account and answer questions about your financial situation. This will help the service give advice, guidance, and practical information relevant to you.
You might me be wondering:
Yes, they offer free consultations where they ask all sorts of questions to know what sort of support would be most beneficial to their clients individual needs.
They also have an online calculator for determining how much tax relief you might qualify for if you pay into a private or occupational pension scheme – this can make it easier to decide whether such schemes are suitable for people who don’t need state benefits just yet but want some more security in retirement than other options to provide them with.
Who Do They Help?
Let’s get this show on the road:
The service is designed for people of all ages, regardless of their circumstances. Suppose you’re not yet in a position to be able to afford the sort of investment that would provide security and independence when it comes to your retirement choice. In that case, these consultations might help make informed decisions about how best to plan – you’ll find out what choices are available and whether they suit your needs.
Other services offered by the Pensions Advisory Service
The service offers advice and guidance on the types of pensions1 pensions available to you, from stakeholder schemes to personal plans.
If required, they can offer a full consultation with an independent financial adviser so that you have all relevant information when it comes time for making your decision about what pension might suit you best. This will include a discussion around any other sort of investments, not just those related purely to retirement savings.
The Pensions Advisory Service can also provide people who are still in employment with valuable input into how they could approach their annual salary negotiations both now and in the future by getting some expert help on what’s possible. They will consider anything that has been recommended during previous salary negotiations and the current economic climate.
And the best part?
They can also help deal with any queries explicitly related to a company pension scheme2. For somebody who is already retired, they provide an array of options that could include drawing cash from their fund, taking out a type of annuity, or even transferring it elsewhere.
Got Questions? Check These First
What does the pension advisory service do?
The pension advisory service doesn’t provide pensions. Instead, it offers consultations. They can advise on the most appropriate type of pension or other financial product for each individual’s needs – depending on their age now, what sort of benefits they might need in retirement and all sorts of other factors.
What are examples of services offered by the Pensions Advisory Service?
They offer free initial assessments to help people understand how much tax relief is available to them if they pay into a private or occupational pension scheme – this could make it easier for someone aged 18-30 who doesn’t yet rely on state benefits income but wants some more security when retired than other options would be able to provide them with deciding whether such schemes are right for them.
Is the pension advisory service free?
The service is free, and there are no obligations attached to it.
Who runs the pension advisory service?
The Financial Conduct Authority runs the service, and part of their aim is to give people more information about how much they need to have a comfortable retirement – or as close to this as possible.
All in all:
The Pension Protection Fund is a government-backed lifeboat for the countries most at risk pensions. It was created in response to the 1994 UK pension crisis and has been used to save more than 25 schemes. In 2008 it helped rescue one of Britain’s largest companies, BAE Systems, by providing emergency funding worth £400 million.