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Belfast firm releases pension pay-out guide

Shop Around for your Annuity Payout

Shopping around when securing your pension income, can make you much better off in retirement.

That is the message released today from leading, Belfast-based financial advisors ASM Financial Planning.

Taking into account your medical history and lifestyle choices, and depending on the provider you go to, this can increase pension income by up to 30%.

Luke Robinson, Financial Advisor at ASM FP says: “Accessing private pensions can be a confusing process and one which we are seeking to address with the release of our new easy-to-follow pension annuity guide.

“Many people assume they must buy their ‘annuity’ or retirement income from the provider that they have saved with while working.

“This is not the case and by not shopping around savers may miss out on the best rates, products, death benefits and inflation proofing.”

From the 1st March 2013, the ABI Code of Conduct came into effect. This is a mandatory code of practice that guides pension providers as to how they should communicate with their clients as they approach retirement.

Luke continued, “Although those at retirement will now receive improved communications from their existing provider, financial advice is still essential.

“Our message today is that people should not only shop around to obtain the best rates, but they must also ensure that they purchase the type of annuity that best suits their individual circumstances.”

“There are many clauses and benefits offered by different providers which the public at-large do not know about, for example, if you are a smoker or take medication for high blood pressure and cholesterol, certain annuity providers will offer a higher level of annuity income.”

More than 400,000 people buy an annuity every year, but about two thirds of retirees with private pensions buy from the firms that they have saved with while working.

Luke continued: “Some providers offer uncompetitive rates, which could result in a retirement income significantly lower than if the saver had shopped around – people should not automatically opt for an annuity from their current pension provider.

“We at ASM Financial Planning Ltd have produced this simple guide to help clients’ old and new work through the retirement income maze.

Luke concluded, “Shopping around could boost your pension by hundreds of pounds a year or enable you to invest in a different type of annuity that better meets your needs.”

ASM Financial Planning Ltd is authorised and regulated by the FSA and has over 25 years collective experience in assisting business in all aspects of Employee Benefits and Pensions.

To download the free, annuity pension’s pay-out guide, visit: www.asmfinancialplanning.com  or call 028 90249 222 to make an appointment with one of the financial planning consultants.

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