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Retirement Options Report

What is our Retirement Options Report?

We offer two different routes to help you decide what to do with your pension savings and maximise your retirement income.

Advised service

For clients who want to explore all their options at retirement including combining annuities and drawdown. This is a tailored service which considers all your assets and income requirements to create a personalised financial plan.

Guidance Service

For clients with simple pension needs who are looking for a guaranteed income for a fixed period or for life¹, we offer a non-advised service. Our specialists will provide you with easy to understand information to make your own decision and complete the complicated paperwork for you.

Use our calculator to get a free initial personalised illustration on the options our Financial Planners could help you with.

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Why do I need advice?

Deciding on what to do with your pension pots at retirement is a complex decision. Some decisions that you take about your retirement income cannot be undone for the rest of your life, so it’s really important that you understand all your options and make the choice that’s right for you.

Additionally, if you have certain types of pensions then you’re required by law to seek financial advice. These are:

  • Defined Benefit Pension worth more than £30,000 and you want to transfer it to a defined contribution pension scheme
  • Defined contribution pension worth more than £30,000 with a guarantee about what you’ll be paid when you retire (e.g. a guaranteed annuity rate) and you want to give it up to do something else with your pot

According to Pension Wise, you should also seek financial advice if you want to:

  • invest your pot to get an adjustable income - an advisor can do this for you
  • mix your pension options
  • pay more money into your pension
  • leave some of your pension in your Will

How much do you charge?

We only charge a fee if you choose to go ahead with the advice we’ve given you. This means that your initial consultation and recommendations report is free of charge. If you do choose to go ahead, we would charge a fee of 2.25% of the pot to be managed (minimum fee of £1,795). Other fees may apply if you use our non-advised service or have a defined benefit pension. Click here for more information on our fees.

Our advice service also comes with an income guarantee. If we believe an annuity is the most appropriate option for you, we promise that your income will be the same or higher than if you had used our guidance service.

How does Advice work?

You’ll first speak to one of our specialists and have an initial chat about whether advice is right for you. They’ll ask you general questions about your current pension arrangements and your plans for retirement. If you are retiring soon and you would benefit from our advice service they’ll then book you in for a more in-depth conversation over the phone with one of our qualified Financial Planners.

During this conversation, also know as a Fact Find, the Financial Planner will gather all of the information they need about your current pension arrangements, your attitude to risk and reward, and the retirement you’re hoping to achieve. They’ll then research all of the options that fit with your requirements and send you a recommendations report based on their findings, outlining all of the benefits and implications of going ahead with each option.

If you decide to go ahead with our Financial Planner’s recommendations then we’ll handle all the paperwork for you and at this point a fee will be payable.

You can speak to one of our specialists or request a callback now.

¹ There are no guarantees of the income you could purchase with any maturity value received at the end of the fixed term, as this will depend on economic and investment conditions at that time.

Your investment may fall as well as rise and you may not get back what you put in.