Tuesday 18 June 2013

Getting the financial advice I need to cash in my pension

Cashing in on your pension is an option that is being considered by many at the moment but where do you start when it comes to making the right decision to suit your circumstances? Although it’s an attractive option now, many cannot cope with the long-term effects that gaining tax-free cash now can have on their pot following retirement.

Seeking guidance from a financial advisor is the first step to making your mind up about whether unlocking cash from your private or company pension is suitable for you right now and in the long run, as accessing up to 25% of your pension fund early can really make a dent in what you will receive every month long after you hang up your work wear.


As well as answering ‘how can I cash in my pension and what will this mean for me in the future?’, a financial advisor can also provide support on planning for retirement, saving money, managing other assets like property and preparing for life’s little and big changes. Finding an independent financial advisor couldn’t be easier, but finding a professional that is correctly qualified is a little trickier.

Check whether the financial advisor you are looking to work with is qualified by visiting the Financial Conduct Authority (FCA), this government body maintains a register which can be searched to check whether any advisor is fully authorised. You can also approach the advisor directly and ask to see proof of qualifications and memberships to any financial body. Playing investigator to find a fully qualified advisor will mean you can access the best assistance around to help you make the right financial decisions now and in years to come.