Low income? Getting advice on annuities is key

My Pension Expert discusses Steve Webb's recent pension fund process meaning a pension fund could follow a worker as they moved from job to job.

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My Pension Expert
the Government 'did not have pension savers interests at heart'.

(PRWEB UK) 5 September 2012

Pensions minister Steve Webb recently proposed a process in which a pension fund would follow a worker as they moved from job to job. However it has recently been warned that workers with smaller pension funds could risk missing out on much needed annuity advice.

Leading pensions and insurance company Aegon voiced fears that a large automated pension fund would put people at a disadvantage by not being able to take advantage of professional financial advice. Furthermore proposed restrictions on the amount of money that can be transferred puts people at risk of losing money- particularly for those who do not have large pensions. Above certain levels of money, advice should be taken.

Shadow pensions minister Greg McClymont concurred arguing the Government 'did not have pension savers interests at heart'.

Professional annuity advice is key for everyone and is part of the solution- regardless of income. This is largely because retirement options have become wide ranging and could border on confusing for people who are unsure which is the best option for them.

Unfortunately those with lesser incomes would not be able to afford advice. There is a tricky balance to be achieved between much needed professional advice for annuities and those who need it while on low pension funds.

My Pension Expert is a company of Diploma Qualified Independent Financial Advisors who specialise in the at retirement market.


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