Doncaster, South Yorkshire (PRWEB UK) 25 July 2014
The Government has announced this week that savers are to receive free, independent guidance when given unrestricted access to their pension pots from next year. The news follows on from what has been a turbulent time for the pension market that has seen the industry revolutionised as a result of the Budget announcements. The aftermath has left the financial services industry scrambling to regain its footing as the dawning of the new pensions world appears on the horizon.
The notion of free, impartial, expert guidance at retirement isn’t a new concept, it is instead something that already exists and has done since 2010 when Doncaster based advisory firm My Pension Expert was created. Since its inception it has grown to become the UK’s leading financial advice company, offering complete advice on the multitude of retirement options and they are expected to help UK retirees invest around £200m over the coming year.
My Pension Expert provide clients with a free individually tailored Retirement Report, detailing personalised quotes from the whole of the market, taking into account factors such as health and lifestyle, death benefits, existing arrangements and attitude to investment risk. There are no restrictions as to who can obtain a Retirement Report, providing individuals have funds over £10,000, as it’s impossible to quote for options below this level.
The personalised report offers only the highest rates available for retirees as they use My Pension Expert’s sophisticated quote bidding software, which is unique to the financial services industry. The software allows insurance companies to enter into an ebay style, closed bidding system which ensures that MPE always obtains the highest rates possible.
The report is accompanied with a guide to retirement which outlines the latest changes to the pensions market along with details about all the available options retirees now have. Clients also have the option to access full retirement advice rather than simply guidance, should they wish, at any point while dealing with My Pension Expert.
The Treasury have said that there will be about 300,000 people with defined contribution pension savings that would be able to access them as they wish from next April. Such a large volume of people expecting guidance is bound to put tremendous strain on those independent bodies that have been tasked with providing the service. The high volume combined with the independent bodies’ lack of experience and infrastructure with regards to the specialised service and a limited budget, will inevitably create a perfect storm of problems come next April.
My Pension Expert however, are perfectly placed to take the strain of the increased demand, having already provided the service for over four years and establishing themselves as a market leader in the process. Due to the increase in freedom offered to retirees, they will be faced with more options than ever, which will further complicate the advice process and place even greater emphasis on the quality of the advice and guidance provided.
Scott Mullen director at My Pension Expert said:
“The new pension freedoms have the potential to improve the financial situation of thousands of retirees. However the new rules have to be combined with the provision of a high standard of advice/guidance, in order to fully utilise the advantages that are on offer. There is bound to be a surge of new innovative products flooding the marketplace now the restrictions have been torn down, which potentially leaves retirees at risk of drowning beneath the flow of information.
“We at My Pension Expert feel that we are in the strongest position to best guide and advice retirees through what can be a very confusing process. Having provided the exact same service that is now being championed day in day out for the past four and half years, we feel we fully justify our position as a market leader and will only further enhance or reputation come next April.”