Since George Osborne’s announcement of changes to the Budget, Financial Guidance has become a buzzword circulating throughout the Pensions industry. Osborne’s claim that everyone approaching retirement would soon be entitled to free face-to-face advice was soon changed to ‘free guidance’ just weeks later, creating much stir as many had been unaware that there is indeed a difference between the two.
Government and regulators have since been working closely together to clarify the distinction between pension advice and pension guidance, and as we progress through 2017, we can only expect to see this ‘buzzword’ becoming a greater feature.
But what is financial advice, and when is Pension Scheme Guidance advice?
You’ve saved hard during your working life in order to have sufficient funds for a comfortable retirement, so of course you want your money to stretch as far as it can go. The issue that you may be facing, is that with so many retirement options available to you, making the best decision can become a challenging process.
Knowing the difference between guidance and advice can help you make the most of your money. Pension Guidance is particularly useful for those that require an introduction to the various options, whilst advice will assist you in choosing the most appropriate option for you.
Here at BlueSky, we offer our members a range of pre-defined retirement models via our online tool, providing them with a high level of expert guidance, at no cost.
It is vital to remember that around 95% of accumulated members choose a pre-determined default. In retirement, most members require an effectively managed, competitively priced drawdown product, which provides enough guidance to make confident decisions.
BlueSky’s Crystal has retirement options tailored to the majority of member’s needs and provides comfort to existing trustees that the product is governed to exceptional standards.
To learn more about how BlueSky can assist you, or to speak with a member of our expert team, get in touch today. Call us on 01322 308 249 or get in touch via our contact page.