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Are you Pension Wise or will you take advice?

From April 2015, any person with a pension pot over the age of 55 will have more freedom and choice when drawing their retirement benefits. But what are the options and how will Taylor Patterson Trustees work with you?

Who can I turn to for help?

Individuals could seek guidance from the Government backed Pension Wise service which is being offered in a variety of ways:

Alternatively, individuals can seek professional advice from a Financial Adviser.

What are the distinctions between guidance and advice?

There are clear differences between Guidance and Advice; understanding these is essential.

Guidance

The Government service Pension Wise which will give guidance will provide the following:

  • How to access pensions guidance and the relevant contact details
  • That pensions guidance can be accessed on the internet, by telephone or face to face
  • That pensions guidance is a free and impartial service to help customers understand their options at retirement
  • A recommendation that the client seeks appropriate guidance or advice to understand their options at retirement.

Advice

Advice will be offered through a qualified Financial Adviser who will offer the individual the opportunity to discuss their options and then:

  • Conduct product research
  • Make a recommendation
  • Implement a retirement strategy
  • Offer financial reviews on an ongoing basis.

The good news is that these services can work hand in hand. If complex questions are posed to those receiving guidance, trained members of staff will be able to point an individual in the direction of a Financial Adviser.  Likewise, should an individual approach a Financial Adviser but they aren’t willing to pay for advice, the adviser can point an individual in the direction of Pension Wise.

Guidance vs Advice – How Taylor Patterson Trustees will work with you

The FCA has issued Policy Statement PS15/4: Retirement reforms and the guidance guarantee: retirement risk warnings, which require the pension provider to act as the “second line of defence”. As a consequence Taylor Patterson Trustees are now required to give appropriate retirement risk warnings to consumers accessing their pension savings.

If the drawdown is advised we will issue all documentation to the Financial Adviser who will work with the member to complete all the paperwork.

If however a member decides not to take advice, then we are now required to issue a Retirement Risk Warning Questionnaire. Only once this has been received, fully completed by Taylor Patterson Trustees we then will issue a Retirement Risk Warning letter to a member along with the drawdown paperwork.

If you would like further information on the process of how to access your pension savings and the guidance or advice available to you or your clients then please contact our SIPP & SSAS Technical Team.

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