Financial Advice
Many members find the information provided on pensions complex
and confusing, but need to make decisions on choice of investment
funds, choice of contribution levels, or whether to contract in or
out. They often want help in making decisions.
Usdaw cannot provide members with financial advice; we are not
authorised to do so. What we can give is information, and point out
the issues that people need to think about. In this way members can
make an informed choice.
So all members and reps need to make it clear that they cannot
give advice - and that to answer the question “what would you
do in my circumstances?” could be seen as advice.
An Independent Financial Advisor (IFA) is authorised to give
advice.
There are organisations which offer assistance in finding a
suitable local IFA.
These include:
IFA’s charge for their advice, either by fee or commission. The
advisor should say on what basis they charge and what the charges
will be.
There is more general information on the Pension Calculator
website: http://www.pensioncalculator.org.uk/
operated by the Association of British Insurers and Financial
Services Authority.
The calculator can be used to estimate how much to save to
provide a given level of pension.
There is also the Worksmart website provided by the TUC which
gives simple advice on pension options: http://www.worksmart.org.uk/