Can SYPA give independent financial advice?
The answer, in short, is no and for good reason.
SYPA only administers one pension scheme, the Local Government Pension Scheme (LGPS), and this is where our expertise lies. Because of this, we are not independent and we are not licensed to give financial advice.
How can SYPA help me with my pension benefits?
We can give you information about the rules of the Scheme and explain your options within the LGPS to assist you in making decisions associated with your pension.
Where can I can some advice?
We cannot comment or offer advice on the quality, suitability or performance of financial products that are not related to the LGPS nor can we recommend any particular financial advisor to you.
What types of information can you not help me with?
We recognise members are often confused and concerned about what to do for the best, one website members can use to find a financial advisor is
unbiased
With over one million visitors a year, unbiased.co.uk is the UK's biggest and most versatile search for regulated and independent advisers. They enable consumers and businesses to find the best financial and legal advice from a choice of over 24,000 IFAs, financial advisers, mortgage brokers, solicitors and accountants. They also make it easier to find the right advice by providing information, insights, tools and other resources to facilitate consumer choice. *
Alternatively, you can visit the
Money Advice Service
website which provides free, unbiased, and independent advice on when and how to choose an Independent Financial Advisor.
Is there anything I should be aware of?
Yes. Pension Scams are getting more regular. It is illegal for any Company or person to cold call you about your pension. If you are cold called you should hang up immediately and report this to the Financial Conduct Authority (FCA). If you are offered guaranteed returns or are told you can take your benefits before the age of 55 (without being in permanent ill-health) these are red flags. Stop and ask yourself “Does this seem too good to be true?”, if so, it probably is!
You can view helpful guidance from the Financial Conduct Authority and their
Pension Scams Leaflet
* The views of the Independent Financial Advisors are their own and SYPA accepts no liability for any service or advice that you receive. Any contractual arrangement is between the member and the financial advisor.