Retirement Planning

[swanny]

Every year we do a pension review for our clients

Where we can

Determine pension value
Determine pension funds
Determine level of income they could expect
Determine the level of risk they are taking

Now this is not new

See www.reviewmypension.co.uk

But

How would you do it?

Do you use any of the Pension companies "report planners" if so which one?

Do you do it different, if so how?

What does your report look like?

As the FSA have removed the "pension forecast" calculator what do you use instead.

Maybe we should look at free resources rather then subscription services.

Lets see how this goes

[Gosh!]

Hi Swanny,

Interesting post.

Would be interested to see what everyone else posts. I have noticed a few companies jumping on the "review your pension for free" band wagon, and it is obviously a tool to get more clients, as nobody does anything for free in business.

I am quite worried that ex mortgage brokers are getting involved with pension transfers with little experience and knowledge.

A pension transfer can be easily justified, but in many cases a fund switch will suit just as well, and for clients to hit their retirement goals they need to increase premiums not just keep moving there existing funds around because for most people their fund will not grow sufficiently to give them the retirement they require.

Unfortunately it is a lot easier for people to move their pot, rather than increase their pot by £200 per month, so most will just succomb to the transfer.

I am thinking about arranging a service where the client pays for me to collate all the information (nominal fee such as £100 per pension), and then producing a report with no sales angle, and pure unbiased information. I think most people will go for the free service, where the company try to enforce a sale off the back of it, but I think my service will be more ethical and beneficial for the clients.

I would of course enclose our details, but along with them, 4 local IFAs who can also provide advice if a transfer is beneficial. I think this is a lot more impartial. Not sure though, as I am in a funny mood today.

Gosh!

[swanny]

Thanks for your comments.

How will you do this and What tools will you use?

Regards

[Gosh!]

I would keep it simple.

Not sure the design of the report yet, might spend a few quid making it look nice. Get it bound etc, if the customer is paying a premium for it.

I would write to the provider, to get basic ceding information, and ask for projections to their selected retirement age.

I would get fund fact sheets from trustnet, and compare the fund performance to the sector average.

I would review the charges on the plan, and compare this to stakeholder charging structure.

I would check financial strength of company.

DO you think we ought to do more?

[swanny]

Gosh

Have a look at this

www.emoneyadviser.com

I have downloaded all the reports

[Gosh!]

Hi Swanny,

The link you have provided doesn't work.

May be you could email me some of the reports if you get a spare minute?

swannyreports@financialplanningservice.co.uk

(its a genuine email)

ta.