Your questions answered

Kevin Simpson
Kevin Simpson
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KEVIN Simpson of St Helens-based financial advisors Blue Trust answers some commonly asked financial questions.

Q I am due to retire soon and want to check that what I am getting from my personal pension provider is fair, how do I go about it

A You will have something called an open market option that allows you to find the best return for the fund that you have accrued over the years. Therefore you need to do some research, you will be looking on the money advice service if you know what you require and if it fits your circumstances, if not it is worth talking to your IFA as you do have options.

Q I am retired and want to save in a tax efficient way for my grandchildren’s future, what do you recommend.

A You have various options but it is becoming more common for grandparents to invest for the grandchildren’s retirement. I know that sounds odd but you could be doing them a massive favour due to the growth that this could accrue over the years. It is also tax efficient way of saving for them due to the tax relief added to the investment. Because of financial commitments most people only start saving for retirement in there mid thirties or forties which is normally to late.

Q I know this subject is not totally related to the current crisis, but I would be very grateful for some advice. I have just about finished paying off my mortgage and have been told as I am paying it off early I have to pay a discharge fee of around £250, I have been advised that I may be able to contest this. Is this true and if so on what do I base this dispute? I look forward to hearing from you.

A Many providers raised their discharge rates to ridiculously high figures. If you have your original mortgage documents check what the charge was set at if anything, when you took out the loan. If it has since increased that would be powerful ammunition when you demand a refund. If not protest in any case as some providers charge nothing at all.

n Answers provided by St Helens-based independent financial advisor Kevin Simpson of Bluetrust. Call 07876767090 for more details.