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The community for building up your financial fitness

Ask advisers from unbiased.co.uk about pensions, investments, mortgages and more!

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Top Questions & Answers

Do the new rules allow me to take all the money from a pension I am already receiving?

It depends on how you are receiving that pension.
If you have purchased an annuity already then you cannot alter this currently—however there are plans moving through to allow people to sell annuities, coming into effect from April 2017.
If you have a Final Salary type pension then the simple answer is no.
If you have not yet bought an annuity and are in a version of drawdown/flexi-access pension then you can take the money out.
If you decide to take any of these options, please do seek independent specialist advice to understand the implications of doing this.

Answer by Craig Palfrey, Certified Financial Planner

I’m 48—at what age should I think of changing my pension risk profile from aggressive growth to include some more conservative options?

The process of reducing risk is designed so when pension benefits are required (such as tax free cash and income) the fund does not suffer a large drop just before you take them. Moving from aggressive to low-risk growth will depend on when you want to start drawing your pension. You should start to reduce risk about 7 to 10 years before retiring.

Answer by Minesh Patel, IFA

What kind of mortgage terms should I steer clear of?

In the past some mortgage deals carried all sorts of potential pitfalls such as an initially low interest rate only to find that you were locked in for years after. Much of that has disappeared from the market today and there’s a huge range of product options for you.
Whilst choice is a good thing it does mean that you need to tailor your search according to your individual circumstances, which is where a broker can really help. For example, some of the very lowest rates on the market can carry big fees which could eat into any saving you are making. Independent advice should help you find your way through the maze.

Answer by David Hollingworth, Director, L&C Mortgages

What to ask?

Not sure what to ask about? Here’s some food for thought.

  • What are your ambitions for retirement? How might these affect the way you save and draw your pension?

  • Do you have any dependents? How might they affect the way you plan your finances?

  • How should you manage your finances when living in a couple?

  • Do you run your own business? Might you start one?

  • Are you a landlord, or do you plan to buy to let?

  • Are you struggling to get on the property ladder?

  • Do you support charities?

  • Will your family have to pay inheritance tax when you die?

It’s hard to think of an area of life where money isn’t an issue – so ask away.

Ready for one-to-one advice?

If you want to find out what a financial adviser could do for you, the best way to start is with one of our special offers. You can book a free health check on your pension, investments, mortgage or general financial health—just click one of the offers below. All our advisers are independent of product providers and regulated by the FCA.