What is a no obligation pension check?

A no obligation pension check with Portafina means that our initial investigation into your pension is free. And in many cases we can continue to provide full financial advice with no obligation should you need it.

Any advice charges would be confirmed in writing before you have to make a decision to proceed. This means you can walk away better informed with nothing to pay.

Your questions answered
Why should I check my pension?
Your pension could have a big impact on how you live your life in the future. So, if it’s not performing how you need it to then the sooner you review your pension and make any necessary changes the better, whatever stage of life you are at.
Are you currently saving into a pension?
Even just small tweaks could improve your pot by thousands of pounds in the long term.
Are you thinking about the pension freedoms?
If you are aged 55 or over you have a lot of options when it comes to taking money from your pension. It’s best to check which one is right for you before making any decisions.
Are you thinking about retiring in a few years?
There are some great new pension products that will protect your pot from stock market crashes without severely affecting its growth.
Are you thinking about a retirement income?
If you are ready to take an income from your pension then the decisions that you make now could go a long way to making your plans and dreams a reality.
What does a no obligation pension check really mean?
A no obligation pension check means that you should receive an initial pension investigation free of charge. And in many cases you will be able to go on and receive full advice with no obligation. If you qualify for full advice with no obligation the minimum you should expect to receive is:

  • A clear picture of your current pension, how it’s performing and the options available to you.
  • An assessment of your current circumstances including what you want to achieve, both now and in the future.
  • A recommendation for your pension clearly detailing how any suggested changes should help you to meet your objectives.
  • An explanation of any benefits you might lose by transferring away from your current provider and how the recommended change could compensate for this.
  • A quote for how much it will cost you to follow the recommendation and how your pension would be managed in the future.

A financial adviser should be able to tell you if you qualify for full advice with no obligation after their initial investigation. If you don’t qualify they will then explain the next steps and what the implications could be in terms of a fee and when it would be due.

How do I know who to ask for a no obligation pension check?
You should only use a regulated financial adviser; you can find all of these listed on the Financial Conduct Authority register. Simply search for this online. For example, our company number is 754580. If a company you are dealing with is not listed then they are not authorised to give regulated financial advice.

Even if a company or adviser is listed it doesn’t mean that they can offer you a no obligation pension check. If you are not sure then why not get in touch with us. We have already helped more than 14,000 clients with their pensions and currently look after more than a quarter of a billion pounds worth of savings.

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Your questions answered
How do I know if it’s time to check my pension?
If you are in a high-charging, poorly performing pension then you could be missing out on thousands in retirement savings. That’s why it’s worth regularly checking your pension to see if there is a better scheme out there for you.

If you are 55 or over then you could be eligible to take money early from your pension. This isn’t right for everyone as it could leave you worse off in retirement. It’s always good to know your options, though. And this is where talking with a financial adviser will help. We will let you know what those options are and what we think is the best thing for you to do, taking into account your current circumstances and plans for the future.

If I decide to go with the recommendation for my pension, how do I pay?
If you qualify for full financial advice with no obligation then we would send you a report detailing our recommendation and how much it would cost to follow our advice. If you asked us to act on this recommendation, any fee would come out of your pension so there would be no extra money for you to find.

If you don’t qualify for full advice with no obligation, any advice charges should be confirmed before you have to make a decision to proceed. In this scenario, if you decided to proceed, you may need to find the money to cover any fee out of your own pocket, rather than it coming out of your pension.

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