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Monday 19 October, 2020

Marian Isciuc, Mortgage Broker in North London, Cheshunt and Harlow reviews why it’s important to speak to a qualified financial adviser regarding your pensions and investments.

State pension age raised to 66 years from October 2020

From Tuesday 6th October 2020 you need to be 66 before you can claim the government state pension. This is in line with legislation changes that try to keep state pension age aligned with life expectancy. Although this is a crucial source of income for most retirees, many of us will use the state pension as an additional source of income along with our personal pensions, as state pensions only give an individual a maximum £9,100 per annum. Another benefit of the personal pension is that you can take out money from the age of 55, so you can retire early if you have planned well in advance and contributed enough.

Why use a qualified financial adviser for pension planning?

Personal pensions are rightly one of the most regulated financial products. I’m sure some of us remember previous pension scams, so it is really important that you seek financial advice from a qualified financial planner about your pension. You can use the FCA register to check any individual’s credentials, so please don’t be fooled into taking financial advice from someone that is not qualified, as there is nothing worse than transferring your pension into a product that doesn’t exist.

Marian Isciuc, Financial Adviser in North London and Cheshunt said:

‘One thing I know concerns many individuals is what covid-19 has done to people’s investments and pensions. To establish what the current pandemic has done to savings will depend on how your pension is invested. Although equity markets have been volatile since February, they have recovered some of their initial losses following the pandemic. Understandably you may think your pension is worth less, but some client’s pensions have increased in value due to the diversity of investments and the management of some funds. Thomas Oliver are proud to be part of one of the UK’s biggest financial Networks called Openwork. This allows us to offer our clients a selection of funds managed by some of the most reputable investment houses. Using Openwork means your investments are backed, regulated and managed properly. If you would like to know the value of your investments or pensions, or you want to discuss how your savings can be invested please get in touch with a member of our financial planning team for an initial free consultation on 01707 872000.’ 

Marian Isciuc, Mortgage Broker in North London, Cheshunt and Harlow continued:

‘It is important to remind clients that if you invest in pensions and investments that are linked to the equity market we recommend you invest for the longer term, over five years so your investment performance is not affected by short-term volatility. Some clients are understandably concerned at the recent volatility. For example, if you were due to retire in the last six months but didn’t want to access your money because your investments have gone down in value, you may not have had any choice if you need this money to live off. Each client is individual and unique and will have their own financial needs and requirements but generally as consumers get closer to retirement their money should be switched from higher risk growth stocks to lower risk fixed interest rate securities, which have in the main thrived during this recession. One thing is clear, the market is very volatile, and no one knows what will happen in the short-term. However, over the longer-term equities have outperformed cash assets, so we are hopeful that at some point the outlook for the global economy will improve and equity market performance will reflect this.’

In Summary…

Call one of the Thomas Oliver financial planning team if you are new to financial planning advice and want financial advice. If you already have a pension and investment managed by Thomas Oliver contact your financial adviser for an up to date valuation and financial review on 01707 872000.

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