Planning for retirement often gets delayed, a task left for another day. Yet, the decisions made about pensions can significantly affect financial stability later in life. For those nearing retirement, seeking pension advice in Durham can provide valuable insights.

Over time, many individuals accumulate various pension pots from personal or workplace schemes. However, it’s common to lack clarity on the total value of these pensions at retirement.

If your pension pots exceed £10,000, it might be wise to consider a Free Pension Health Check. This check offers an overview of your pensions’ performance and potential outcomes.

Some employers with defined benefit (final salary pension) schemes may encourage members to transfer benefits to another provider. Establishing a relationship with a trusted financial advisor allows for regular reviews of pensions. This helps ensure you’re on track to achieve your desired retirement income.

Consolidating Your Pensions with One Provider

Many find consolidating pensions into a single fund and provider beneficial for easier management and oversight. Without regular reviews, you might discover underperforming pensions or those burdened with high charges, potentially impacting your retirement income.

Before contemplating a pension transfer, it’s vital to seek advice from an experienced and qualified pension advisor. They can provide tailored recommendations based on your specific circumstances and financial goals.

At The Point of Retirement

When approaching retirement or considering moving home in Durham, people will often be prompted to seek pension advice in Durham. This transitional period presents an opportunity to speak with a professional advisor about pension options.

When accessing your pension, your provider might offer an annuity that may not be the most competitive, however, speaking with a qualified financial advisor can open up more options and potentially enhance your retirement income.

If you’re interested in receiving unbiased pension advice tailored to your needs, consider reaching out to independent advisors in Durham for guidance.

As a company, we do not offer pension advice in Durham, however, we do have trusted financial advisors we are able to refer you to. To learn more, please feel free to get in touch and we’ll be happy to point you in the right direction.

Date Last Edited: February 23, 2024