Tips on How to Buy a Pension by theslasher

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Pensions

The new stakeholder pension is a means of buying a pension. They have
low charges and are highly flexible.

However the following information may still be worth checking before you start
any type of pension

Basic Tips

      If you can join an occupational Pension plan then you should do so.

      Choose an Independent Financial Adviser carefully.

      Beware of the excessive amount of information that’s out there as this can
       confuse you.

      Don't be tempted to buy or make decisions immediately always take your
       time.

      But don't get bogged down and not make a decision. Do It now but do it
       carefully

      And don’t believe all the sales talk even from the most reputable
       companies, their always there to make a profit.

      Always shop around.

Pension Buyers Checklist

   1. Find an independent financial adviser

   2. Find out and be clear what you want from your pension.

   3. Discuss with your IFA he will make recommendations so if you have
      doubts about the pension the consult the adviser.

   4. Once you have made the decision - DO IT.

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Pension Shopping List

One of the first things to look at when choosing a pension is cost what
charges are involved and are the costs up front or built in front end
charges or back end.

The following is some simple questions you should ask.

      How flexible is the pension?

      Can you vary the amounts of your contributions without penalty i.e. on a
       rainy day?

      Can you stop making payments without penalty? If so for how long?

      What is the earliest you can retire and on what conditions.

      What's the position when considering switching pension funds? Could you
       leave the pension providers altogether?

      If it's not an actual Stakeholder pension is it "stakeholder friendly"?

      Are there any "extra features".

And make sure that what information there is is easy to understand and if you are
not sure then ask questions, never be afraid to ask if you are unsure it could work
out cheaper in the long run.

You can find out more about Pensions from the government website below:

http://www.thepensionservice.gov.uk/resourcecentre/downloads.asp




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