Consider Consolidating All Your Pension Pots In A Self Invested Personal Pension

Retirement is something that we all dream about

. For some, it is a chance to finally hang up their professional hat, while for others it is a chance to take a back seat in their business, and instead journey around Europe and the world. Whatever the dream might be, people are increasingly aware that they have to take responsibility for their own pension provision. High net worth individuals or people with pension pots of over a hundred thousand pounds might like to consider the possibility of a SIPP.

The benefits of a SIPP are well known. Not only are they tax efficient, but also they could allow individuals to consolidate numerous different pension pots into one scheme. Furthermore, SIPPS allow people to have more control over how their pensions are invested. However, as everyones situation is very different it is always worthwhile to get the advice of a good chartered financial planner.

This may seem too good to be true, when the complexities of financial matters suggest all of the relative investments need to be kept separate. But the fact is that bringing pensions investments together can simplify everything for everyone. So, for example, in opting for this long term approach, wealthy people in Richmond, supported by good independent financial planning can consolidate all their pensions into one pension pot, using a SIPP. Advantages of a SIPP SIPPs can be appropriate for high net worth individuals, high earners and those people who already have a pension pot of over a hundred thousand pounds accumulated. These days many people have had numerous different employers and might have several pension pots. With the advice of a high quality professional investment planning advisor, these different pensions can be pulled together into a single SIPP.

The problem is that in an attempt to have the best financial future possible after retirement, many people might have signed up to several pension and investment schemes. Consolidating your pensions into one SIPP can help simplify your pension investment strategy to achieve your long term goals for retirement. A clear plan increases ones control over ones financial future and the likelihood of achieving the target is increased dramatically.

Transferring Pensions into an SIPP Expert financial planning advice should always be taken as it is a complex area and where the help of a good advisor can be invaluable. Do find out upfront what the advisors charges will be, so you are clear about the benefits and costs of transferring your pensions into a SIPP.

However, the overall SIPP advantages, such as an increased level of flexibility, greater financial control and the convenience of having your pension investments in just one place, tends to make the exercise worthwhile. The flexibility is certainly tempting, but it is important that sound financial advice is sought and received before any move is made. If the move is recommended by an experience advisor, then all of the paperwork and particulars can be arranged by the financial planner, ensuring a smooth transition. Where to Get Advice In order to get the full benefits of the scheme, only expert advice should be secured. Many capable financial advisors, in particular Chartered Financial Planners, will offer their opinions on planning for retirement, pensions and the whether a SIPP is appropriate. The chartered status is only awarded when the highest levels of financial knowledge are proven to the satisfaction of the Chartered Insurance Institute. What is more, planners have to show that they work in an ethical manner. In essence, this means that only the cream of the crop can ever be given the status. So, when it comes to getting advice on an SIPP pension, financial planners who boast a chartered status can be some of the best to listen to. In fact, in seeking advice on every aspect of independent financial planning, Richmond home owners, London city professionals and Home Counties land owners, amongst others, know such advisors will help them plan for retirement and ensure that their pension investments will provide the desired lifestyle.

This added confidence and advice from a chartered financial planner not only helps those who invest in SIPP Pension enjoy life that little bit more now, but plan for a future that can see the lifestyle that one has worked so hard to establish, continue to be enjoyed even after retirement.

by: Sarah Shore

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