With the introduction of the new pension freedoms – offering retirees flexible access to their pension savings – there must be a push for retirees to seek professional, personally-tailored financial advice.

When George Osborne announced radical reforms to the pension’s market back in March 2014, there came a wave of confusion across the financial industry and the at-retirement market. Income drawdown would allow pensioners access to their pension savings as and when they so desired, leaving annuities as a product that was no longer a necessity.

But more options means more risks and complexities. Each option must be researched and assigned to individual circumstance. While accessing your pension fund as a lump sum when you retire may seem like an attractive prospect, depending on your circumstances it may not be the best course of action.

The government has launched their Pension Wise system that offers free guidance via the Money Advice Service. Unfortunately, the information provided to users can be lacklustre, with no personalisation and no recommendations. It does not constitute formal financial advice.

My Retirement Options has launched its retirement planner in reaction to the lacklustre Pension Wise system.

By entering your details in the planner, as well as reviewing your circumstances - including your aversion to risk and the aspirations you have for your retirement - the planner will also connect you with an independent financial adviser local to you.

They will provide you with a free, initial consultation to discuss the results of the planner, before providing a no-obligation quote for their financial services.

Just enter your name & email address then watch your inbox !

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