Switching Pensions – Good Time to Switch?
Last month the FCA issued some clear guidance on switching pensions and gave an insight into what they considered to be unacceptable downstream consequences and outcomes.
They then went on to say that switching should not result in loss of benefits from the ceding of the scheme without good reason.
And that the adviser should explain the need for, or put in place ongoing reviews when they were necessary.
Higher Pension Charges ?
Following the announcement there has been much debate in the industry with suggestions that pre mid 1990’s based old-style retirement annuity based contracts may be incurring higher that expected pension charges than should be the case.
At Guardian Wealth Management we believe there is much more to it than this and that clients should take regular independent advice from qualified professionals in the industry who look at each client’s personal circumstances before jumping to any conclusions.
Market value reduction ?
Here at Guardian Wealth Management we believe our clients should also consider the impact of market-value fluctuations and the negative impact this may have on the overall scheme in terms of migrating from one scheme to another.
At Guardian Wealth Management we take a look at the holistic view of where our clients want to be, we understand their personal circumstances through a proven and well established fact find process.
By then looking at our clients details we are then able to construct a cash flow model through a proven and structured process that articulate a series of possible options available to our clients.
We then through a systematic and independent assessment methodology are able to assess our clients ‘risk profile’ and offer a bespoke portfolio from the market leaders which matches the personal aspirations of our clients.
Its only by following this structured approach that we can truly construct a portfolio that meets the requirements of our clients.