Investing for retirement can help provide peace of mind in your later years, but with so many firms offering pension advice, how do you know which one to choose?
Finding a highly regarded pension adviser in the UK like St. James’s Place (SJP) can be a game changer. For decades, SJP and its partner advisers have helped UK investors plan for life’s ups and downs, as well as for significant milestones like retirement.
Not sure whether you need financial advice for your retirement pot? Learn why professional advice can help you achieve your goals, how SJP’s partner advisers can help manage your pension, and the reasons why more investors are choosing firms like St. James’s Place.
The Value of Advice for Pension Management
Almost 80% of workers in the UK participate in a pension program, largely thanks to automatic enrolment, which led to an improvement in retirement savings across the board. Between April 2018 and March 2020, 57% of people below retirement age were saving through private pensions. This is compared to the 43% of people who were saving for retirement before automatic enrolment rolled out in 2012.
While many UK citizens are squirrelling away funds for retirement, they rightfully wonder if their investments are performing adequately to meet their financial goals. All investments are inherently risky and there’s no guarantee that your investment will gain a certain amount. Even so, investing for retirement can help you enjoy greater peace of mind in your older years — particularly if you work alongside a professional adviser.
Managing a pension can be complex and overwhelming, especially if you have momentous life changes. Getting married, having children, or experiencing a shift in your income can have a tremendous impact on both your life goals and your financial situation.
Whether you’re starting a new job, approaching retirement, or want to retire early, it’s best to seek the advice of an experienced professional. If you’re unsure how much you need to save to retire early, an adviser can help you find the right investment plan. With professional advice, you can better understand all of the options and follow a plan that best suits your long-term goals.
How Advisers Help Manage Your Pension
Financial advisers can provide valuable assistance in managing your pension plan through tailored advice and customised guidance. Below are some of the ways advisers can help you make the most of your pension:
Retirement planning is key. Advisers like those at SJP can help you determine how much you need to save for retirement based on your current lifestyle, goals, and projected expenses. They can also advise you on how to maximise your contributions and make the most of your employer’s pension plan.
Consider pension transfers. If you have multiple pension plans, advisers can help you consider whether to consolidate them to simplify your retirement savings and potentially reduce fees. Your SJP partner adviser can advise you on whether a transfer is the right option based on your unique circumstances.
Advisers can also help you choose the best pension income options for your needs, whether that’s an annuity or drawdown plan. They can also advise you on how to maximise your income while minimising risk.
You might want an investment strategy. SJP’s partner advisers can help you develop one that fits your risk tolerance, financial goals, and timeline. They can also monitor your investments and adjust your portfolio as needed.
You should review existing plans. Advisers like those at SJP can review your current pension plan, provide feedback on whether it’s meeting your retirement goals, and advise you on how to optimise your plan for maximum returns.
Finally, SJP’s partner advisers can help you structure your pension payments to make the most of your tax allowances and minimise your tax liability.
Pensions have become more flexible, which can make them more complex. Advisers can provide reassurance that an expert is carefully looking after your pension and helping you make the best choices for your situation.
Every investor’s situation is different, which is why you want to find advisers who take the time to understand your needs. SJP’s partner advisers provide personalised advice based on your unique circumstances and goals. They can help you make informed decisions about your retirement savings and provide reassurance that your pension is in good hands.
SJP’s investment approach is designed to provide consistent, long-term returns while minimising risk. The firm focuses on diversification and active management to provide clients with the best possible outcomes.
The Financial Conduct Authority regulates St. James’s Place, which means the firm is held to high standards of transparency and accountability. Its clients’ funds are held in separate accounts, which means they are protected in the unlikely event SJP were to go bankrupt.
If you’re saving for retirement today, you likely know you can’t rely on generous state-benefit pension schemes. They were common decades ago, but today, the onus of saving for retirement falls on your shoulders.
While returns are never guaranteed, many investors opt for taking advice from companies like SJP to help them save for their future. SJP’s competitive fees, personalised advice, long-term approach, and safeguards give investors greater peace of mind knowing their money is in good hands.