Ask a planner answers: what is the best option to take?

Friday, May 5, 2017

The question from Roger, 65.

I have two option 32 pension transfer plan with Royal London. I have now reached 65 years of age, what is the best option to take, or should I look around for a better deal with the help of an IFA.

Answer from Julie Lord CFPTM Chartered FCSI, Chief Executive, Magenta Financial Planning

This is too important a decision to make without taking professional advice as it will affect the rest of your life. You don't say how big the funds are - if they are very small it may not matter too much, but if they are large you will need to take account of all the new pension freedoms to determine which of the many options is best for you. It is no longer a simple choice about which annuity to buy, as you can now arrange your pension benefits for maximum flexibility and /or so that they pass to future generations. A CERTIFIED FINANCIAL PLANNERTM professional will be able to provide you with a lifetime cashflow forecast and show you all the available options.”

Details of a financial planner close to you are available on cisi.org/wayfinder

Julie Lord CFPTM Chartered FCSI, Chief Executive, Magenta Financial Planning
www.magentafp.com

At Magenta Financial Planning we help our clients build plans for future security and happiness. Based in South Wales, we are a small friendly team who have the knowledge, experience and skills to ensure that your financial and other affairs are organised to best effect to achieve your goals.