Retirement MOT

Retirement MOT

Have you collected various pension pots over your career? Do you receive pension statements but struggle to understand how they will help you in retirement? Our "Retirement MOT" service will help you to answer these questions and identify areas where maintenance is required to keep your retirement plan on the road.

What does the Retirement MOT include?


As part of our Retirement MOT service we will need to "look under the bonnet" of your retirement plan. To do this we will:


  • Gather details of your current pension provision and other investments you plan to use in retirement.
  • Discuss your retirement goals, views on investment and other relevant details.
  • Contact your pension providers for information, as needed.
  • Help you see what your income might look like in retirement.
  • Benchmark these likely outcomes against your aspirations for retirement income.
  • As with a motoring MOT, we may offer some "advisories" - general suggestions to keep your retirement plans roadworthy including, where necessary, any additional work you should consider.


What if my retirement plan is not on target?


It is possible that the "MOT" process will leave you reassured that your retirement plan is on track, in which case you may not feel the need for us to do any further work for you.


Another possibility is that the "advisories" on the report highlight some areas of weakness in your plan or some aspects that you should investigate further. Examples may include:


  • There is a need to increase what you put away for your retirement.
  • The arrangements you have in place are not flexible enough to meet your specific requirements.
  • Your arrangements are targeting a different retirement age than the one you intend.
  • Your existing arrangements have excessive charges.
  • Your current arrangements are not in line with your attitude to investment risk.


If the report highlights these or other issues and you decide you would like us to provide additional advice to implement remedies, you can ask us to do so and any fee paid for the Retirement MOT service will be credited against our fee for providing more comprehensive advice. Examples of the advice provided could include:


  • Establish how much should you be saving or investing to meet your goal, what investment vehicles and providers to choose.
  • Identify which products offer the flexibility needed for your future plans and which providers should you choose.
  • Recommend changes should you make to your existing arrangements to ensure they meet your needs effectively.
  • Identify alternative products and funds have competitive charges but still meet your needs.
  • Recommend funds should you choose to meet your goals while recognising your feelings about investment risk.


As Independent Financial Advisers, we will provide impartial recommendations to address the issues identified and if you would like us to, will help you implement them.

What is the cost of the standalone Retirement MOT service?

 

The cost of the Retirement MOT service, including fact gathering, research and report is £495.


What is the cost of comprehensive Independent Financial Advice?


If, after the Retirement MOT, you require broader Independent Financial Advice, the cost is £795 plus 1% of the amount of any transactions advised and implemented. Any fees paid for the Retirement MOT service will be used to reduce the advice fee.


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