Adviser > Individual > 2010 > Pension Switching
Pension Switching
The 2010 Age Change may mean that your clients' current pension vehicles don't suit their needs. So encouraging your clients to switch pensions may well be the best option.
By switching pensions your clients could benefit from lower charges, increased investment flexibility and additional features such as income drawdown.
While switching may be the option to recommend to your clients, the Financial Services Authority's (FSA) recent review on pension switching highlights areas of concern including:
- Incurring unnecessary product costs
- Recommendations that don't match client's attitude to risk
- Failure to explain the need for ongoing reviews
- Loss of benefits without good reason.
How we can help you with pension switching
Our Pension Portfolio product, our flagship individual pension plan, ticks a number of the review's findings:
-
No unnecessary costs - Your clients only pay for what they use and the product has ongoing investment governance, at no extra charge.
-
Attitude to risk - Use our risk profiler to find out your clients' attitude to risk so you can select an investment option with a suitable asset allocation.
- Ongoing investment advice - Our investments experts regularly review and update asset allocations as part of the ongoing governance process, at no extra charge.
Support material
Download the following resources to help you review your clients' existing pension arrangements and complete the FSA's pension switching suitability assessment template:
| Guides | Client material |
For professional advisers only
