Pension Advice

Kila

Hi,

Not actually looking for financial advice in this thread, but for advice on where to get it. Having just been made permanent in my job after the end of my probation period, I'm now entitled to join the pension scheme. I've read through all of the documentation, and I think I understand most of it, but I could just do with having someone else read through it with me and assess what's the best road to take in my position (i.e. what level of contribution to make, whether to make AVCs, whether to take out another kind of pension to supplement the first, etc.).

Where does one go to get this kind of advice? Can anyone recommend an advisor that will help me with this?

kaiser sauze

The Financial Regulator will supply you, upon request, a comprehensive list of Authorised Advisors in your area.

Authorised Advisors are independent consultants regulated by The Financial Regulator.

You could also contact one of the Life Offices and see if they will send you an agent, however, their end goal will be a sale.

It would be very unusual if there was not a product provider or advisor appointed to the scheme that you will become a member of.

Unless, of course, you have some reason for going outside of the appointed intermediary/product provider (?).

In the documentation that you received, is there any reference as to who you are to contact for further information?

broker2008

Yes I would second gerards's view that there should be an advisor appointed. By the way just because someone is an "authorised advisor" as opposed to a "multi agency intermediary" or even "tied agent" doesn't mean that you are getting better advice. A lot of AA's are general insurance brokers who might not be as proficient as a life broker or might have an "advisor" working for the brokerage.

Kila

The guy who handles the payroll in our office is the one who gave me the pension information, and the one who's listed as the contact point. I don't know if he'll be able to give me advice on the matter or not, to be honest.

The guy in payroll should be able to tell you who the 'advisor' is to the scheme. He may also be able to tell you how the advisor gets paid for giving advice on the scheme ie. is it fee based or commission based? He should also have details on what the charging structure is on the product.

kaiser sauze

broker2008 wrote: »

Yes I would second gerards's view that there should be an advisor appointed. By the way just because someone is an "authorised advisor" as opposed to a "multi agency intermediary" or even "tied agent" doesn't mean that you are getting better advice. A lot of AA's are general insurance brokers who might not be as proficient as a life broker or might have an "advisor" working for the brokerage.

Never said that, but their advice is likely to be more impartial as they are not constrained by only being a representative for one company or a couple.