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Pension changes require sound financial advice

WITH significant changes to pension regulations introduced this year, it makes sound financial sense to take professional advice before deciding which of the options to take.

At Moneytree Financial Services, expert guidance is available to help you decide the most appropriate option for you.

WITH significant changes to pension regulations introduced this year, it makes sound financial sense to take professional advice before deciding which of the options to take.

At Moneytree Financial Services, expert guidance is available to help you decide the most appropriate option for you. For example, drawing an income directly from the pension fund, purchasing a guaranteed lifetime income or, of course, cashing in the whole fund.

Paul Anstee, founder of Moneytree, said: “The changes to the regulations opens up opportunities for people to take cash from their pensions, but professional advice is vital to ensure they leave themselves well prepared for the future.

“The regulations were introduced in April and many people are confused about what is the best option for them,” added Paul.

“Whilst pension freedoms give greater flexibility enabling people to consider other options like using some of the cash to purchase an investment property, clients need to be aware of the associated risks such as void periods and high purchasing costs.

Crucial

“Clients need to determine what best suits them, therefore taking professional advice is therefore crucial. They must aim to protect the level of income required through retirement.”

Moneytree Financial Services offers a free initial meeting to help clients decide what option suits them best.

“It is important that independent financial advice is taken before doing anything as options from providers can be misleading,” said Paul.

“For example, some don’t offer all of the options and, as a result, will not offer it to you although it may be available on the open market. Very often this will be the first time someone has reviewed their pension since they took it out many years ago, and simply determining what they have can be understandably difficult.”

For those pensions continuing to be invested, regular reviews are essential, as your attitude to risk and objectives can change.

Sitting down with a financial adviser will help pull together a clear picture of what you have from existing pension arrangements, savings, other assets and also State Pensions, which are due to change next year.

If you wish to find out when your state retirement date is and what you will receive call The Pension Service on 0845 300 0168 or contact Paul directly for a free initial review at Moneytree Financial Services on 01933 623722, 07899 941144, or email psa@moneytreemortgages. co.uk

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