Now could well be the time to visit an investment adviser in Bristol, given the fact that a stress testing exercise looking into 140 pension schemes in Europe found that 40 per cent of UK funds could be at risk of defaulting.
The European Insurance and Occupational Pensions Authority examined the risks and experts are now warning that employees could see hundreds of millions of pounds wiped off their funds, the Daily Express reports.
The Personal Finance Society’s Keith Richards said the government must now do more to underwrite some kind of minimal protection level in order to avert an impending disaster.
“Pension freedom is generating significant revenue for the government. Perhaps some of this money should be set aside to protect retirees dependent upon schemes at risk,” he said.
It can be very confusing for people understand the options presented to them by their pensions provider. Before you make any decisions, you need to consider what your income requirements are likely to be in your retirement, the state of health you’re in, whether you will want to leave an income or lump sum to your children or spouse, if you have any cash reserves, if you have any outstanding liabilities and if your income requirements are likely to change.
There are a number of options available for you when it comes to retirement planning. For example, income drawdown is a flexible way of doing so and you can invest your funds to allow for growth while still enjoying an income. An annuity, meanwhile, is typically available after the age of 55 and offers a guaranteed income.
Financial Advice Bristol
If you would like to speak with one of our Independent Financial Advisors and potentially receive financial advice, please contact us on 0117 923 7652. We are based in Clifton, Bristol but we are happy to service clients from across the UK and we provide free initial meetings at our client’s convenience.
Churchill Wealth Management Limited is located at 13 Alma Vale Rd, Bristol BS8 2HL, United Kingdom.
About Us: Churchill Wealth Management is a team of independent financial advisors/financial advisers (IFAs) based in Clifton, Bristol. We provide independent financial advice, including pension advice, investment advice, inheritance tax planning and protection/insurance advice.