Your questions answered

Being clear and totally transparent is hugely important to us. You may have questions about your private pension and the services we provide that haven’t been answered elsewhere.

Below is a list of some of the most frequently asked questions we receive about Pension Works. If you’d like to know anything else, our customer services team will be very happy to help.

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FAQs

  • About Pension Works

    Who are Pension Works?
    Pension Works is an independent pensions advisory company. We have a team of experienced and highly qualified Financial Advisers who will review your existing pension(s) to make sure that they are in the right place, performing well and low cost to help you achieve the retirement that you would like.

    Where are you based?
    We are based in Knutsford in Cheshire, North West England but we have clients spread throughout the UK.

    Are you regulated?
    Yes, we are regulated by the Financial Conduct Authority (FCA). You can check here,  https://register.fca.org.uk/, using our reference number, 739922.

    How do I know that you are a legitimate business?
    You can check our authorisation on the Financial Conduct Authority register here, https://register.fca.org.uk/, using our reference number, 739922.

  • Services provided

    Will I get unbiased advice?
    Yes, Pension Works is a completely independent company and we are required to give you advice which is in your best interests and based on your individual circumstances. We are not tied in any way to any particular pension provider and, as an independent business, we search the whole of the market on your behalf.  

    What pension companies do you use?
    We review the whole of the market in order to find the most suitable pension provider and fund for you.  A lot of our competitors are restricted to just using a few companies but we believe that it is important to look as widely as possible to find the best fit for your individual situation.

    Why should I use Pension works and not a fully online service?
    Everyone’s circumstances and retirement plans are different and we think that only a trained and experienced human Financial Adviser can truly understand these circumstances by talking to you.

    Can you provide advice to clients throughout the UK?
    Yes, as a telephone and internet-based service, our clients are spread far and wide around the UK.

    What does your initial service include?
    Our fully qualified and regulated Financial Advisers will review your existing pension(s) against your plans and aims for your retirement. They will check whether there are better value or better-performing pensions that better fit your circumstances. In order to do this, they will gather information on your existing pension(s), talk to you about your personal circumstances and your plans and prepare a personalised recommendation for you. If we think that your current pension is in the right place, we will tell you. If we think it would be in your best interests to move to another pension, we will explain why and, if you wish, we can help you to make the transfer.

    What does your ongoing service include?
    As well as conducting your initial pension review, we offer a very low-cost ongoing service to make sure that your pensions are kept up to date and in line with your changing circumstances and plans.  We will contact you every year to run through your circumstances, your attitude to risk and the performance of your pension to see whether changes are necessary to keep you on track for your retirement goals.

    My partner and I would like to plan our retirement together. Can we do that with you?
    Absolutely. We are happy to talk to you individually or together. Pension plans are always individual, not joint, but many people like to make their retirement plans together and we can help you do that.

    Is your advice tailored to my individual circumstances?
    Yes, our Financial Advisers will take the time to talk through your specific aims and priorities in retirement, to assess your individual circumstances and tailor the advice to you.

    What kind of pensions can you advise on?
    We can advise on all types of pension.  

    Can you help in creating a New Pension for me?
    Currently, we do not set-up new pensions as a stand-alone service. We do HealthCheck current private pensions and if appropriate we can assist with transferring or setting up a new pension for clients.

    What if you can’t find a better pension than my existing one(s)?
    Our advice will always be in your best interests. So whilst we can often find a better pension plan that fits your circumstances if we can’t, we will tell you. In these circumstances, the review will not cost you a penny.

    My circumstances have changed since we last spoke. Can you help me?
    Absolutely. As well as conducting your initial pension review, we offer a very low-cost ongoing service to make sure that your pensions are kept up to date and in line with your changing circumstances and plans.

    Can you advise on final salary pensions?
    Yes, unlike most firms, we have Advisers with the extra qualifications to advise on final salary pensions. Whilst final salary pensions have been regarded as the “gold standard” of pensions, they do not suit everyone’s circumstances and plans and our Advisers can help you understand if it is in your best interests to stay in your final salary scheme or transfer to another type of pension.

    How long will the Pension HealthCheck take?
    We aim to provide a fast and efficient service. We, are, however, dependent on the pension providers to supply information about your existing pension(s) and this can take a few weeks. We can’t start our review until we receive your completed and signed 'letter of authority' as this gives us permission to access your existing pension information. So the sooner you send us this, the sooner we can start the process.

    How long will my call with the adviser take?
    This depends but on average your conversation with our Adviser to get an understanding of your personal circumstances, financial outlook and retirement objectives take between 20 and 45 minutes.  

    If I transfer my pension, is my contract with you or the pension provider?
    We are not a pension provider. Your agreement with us will cover the provision of our initial advice and our ongoing review of your pension on an annual basis if you choose this option. Your actual pension will be controlled by your pension provider.

    Are you linked to the Department of Work and Pensions?
    No, we are a completely independent financial advice company and in no way linked to the Department of Work and Pensions (DWP)

  • Fees & charges

    Do I pay for the initial review?
    No, we bear the whole cost of the initial review of your existing pension(s).  We only make a charge if we can find a better-performing or cheaper pension or one that is better suited to your personal circumstances and retirement objectives and you ask us to implement our recommendations.

    What do you charge for your initial service?
    Our initial Pension HealthCheck is free without obligation. Following our advice, if you wish for us to transfer/switch your pension(s) to the new provider suggested our fees are very competitive. For defined contribution pensions we charge a minimum of £995 or 1.75% whichever is the greater for pension funds under £100,000. Pension fund value of £100,001 to £200,000 our charge fee is 1.5%, £200,001 to £300,00 is 1.25% and £300,001+ is 1%. For defined benefit pensions (final salary) we charge a minimum of £1995 for pension funds under £133,000. Pension fund value of £133,001 to £200,000 our charge fee is 1.5%, £200,001 to £300,000 our fee is 1.25%, £300,001 to £1m is 1% and over £1m charge fee is 0.65%.

    What do you charge for your ongoing service?
    We charge only 0.3% of your pension pot per year for our ongoing service. So on a pension pot of £50,000, you would pay £150 per year. Our ongoing service fee is highly competitive. According to a Schroder's Adviser Survey in 2015, 30% of adviser firms charge 0.5%, 40% 0.75% and 30% charge 1% or more of your pension pot.

    How do I pay for your service?
    You can pay the fee out of your pension pot. You do not have to write us a cheque. When we are looking at whether a transfer is in your best interests, we will take into account our charges in our analysis.

    When do I pay for your service?
    Our competitive fees will only be taken once we've completed the proposed transfers of your pension policy. Your service fees can be taken directly out of your pension provision, so you do not have to pay us directly.

     

  • Cancellation and complaints

    What are my cancellation rights?
    You can cancel by withdrawing from the pension contract. Normally, you will have a 30-day cancellation period for a pension policy. However, please be aware that should you accept advice to switch pension providers and you then cancel within the 30-day period, the original provider may not accept the funds back. You can stop our ongoing service at any time by giving seven days’ notice in writing, after which we will stop taking the ongoing charge on a monthly basis.  

     

We work with the whole of the market including the biggest pension providers across the UK