Independent financial advisers Cornerstone Asset Management has launched snapshot pensions, a consumer facing free-to-use pensions review service designed to help people better understand and take action on their pension planning.
The online service is information only, rather than full advice, and focuses on three key components of a pension plan which can have a significant impact on an individual’s retirement pot:
- costs and charges
- the level of investment risk being taken with the pension funds and
- the performance of the pension funds.
To use the system the user enters contact details and some basic information about their pension plan(s), and the Cornerstone team then gathers relevant information from providers on the pensions held and prepares a personalised pension report, which will help determine whether the pensions are right for them.
The individual can then use the information to self-help or use to Cornerstone’s offers fee-based pension and retirement advice service if they choose to do so.
Cornerstone founding partner Jason Hemmings (pictured) says: “Snapshot pensions helps us reach out and support the thousands of consumers who want to know more about what their pension means to them. Experience tells us that consumers are far more likely to take their retirement planning seriously when they have a greater understanding of what pensions mean and how they work.
“There are a growing number of ‘direct to consume’ offerings that allow people to transfer their pensions without advice however, we firmly believe that getting to know and understand your existing pensions should come first and that’s exactly what snapshot is designed to do.
“We naturally encourage users to take advice, which can be seamlessly offered by the advisory team at Cornerstone, as pensions can be a complex area of financial planning and few choose to make changes directly themselves.”
The website can be accessed here.
