The Advice Process

1 - Getting to know you and understanding your needs

Common questions asked in understanding your current situation. These questions apply to you and your spouse:

  • Your age, marital status and any children / grandchildren?
  • Are any of the above dependent upon you?
  • Current employment status including salary?
  • Do you plan to stop working and when do you want to stop working?
  • Your current asset & liability position?
  • Details of all income sources
  • Current health including a detailed health questionnaire
  • Any significant future income, lump sums or assets in the future?
  • Any significant liabilities due in the future?
  • Future goals

The list isn’t exhaustive but provides an example of the types of questions asked to build a picture that enables your advisor to know you and your situation

Common questions asked around retirement planning would be:

  • Do you require a guaranteed income?
  • What other income sources do you have?
  • What income sources does your spouse or partner have?
  • Do you require any tax free cash?
  • How much income do you require?
  • Do you have a State Pension Forecast?
  • Past experience of investments
  • Do you require flexibility of income and lump sums in the future?

The aim of your advisor is to work through a retirement shape that is going to be most suitable based on your current and future objectives. It takes into account conversations around risk, attitude to income and lump sums, attitude to tax efficiency, attitude towards death benefits and takes into account your overall situation. This includes assets, liabilities, health and your primary objectives. This enables your advisor to make suggestions and recommendations on retirement solutions that best fit your objectives.

Should full, phased or blended flexi access drawdown be a suitable retirement option, your advisor will recommend a provider that fits your objectives.

2 - Review of your existing pension arrangements

This is important to ensure a transfer out of your current pension is the right thing to do. Older pensions can have guaranteed annuity rates, market value reductions, guaranteed growth rates, life cover or other features that might require further thought when wanting to access flexi access drawdown.

It’s important to understand what you have before recommending what you could have.

3 - Risk discussions and questionnaires

Understanding the level of risk for any retirement solution is very important. Understanding your appetite for risk is the first step to building your potential retirement option.

We use the attached documents along with discussions to put you in the best place and make sure the risk taken matches what you want.

4 - Product and provider recommendation

An advisor will usually recommend a provider based on the following criteria:

  • Financial strength
  • Cost
  • Pension flexibility
  • Investment and fund options for your pension
  • Service from the pension provider
  • UK based
  • Online functionality
  • Constant fund and technology updates
  • Innovation by the pension provider

We have highlighted these features on our advised Flexi Access Drawdown provider page. Again, this is not an exhaustive list but highlights some of the steps taken and factors considered when making your pension provider recommendation.

5 - Application and transfer process

Once the provider is selected and everything submitted to the new provider, it can take anything from 2-12 weeks to transfer a pension.

Use our retirement tool to see information on a selection of the UK providers that offer a competitive Flexi Access Drawdown pension.

Our experienced retirement team are on hand to keep you updated throughout the advice process until completion.