We have yet to undertake an audit of a client’s pension affairs and not find something about which they had either forgotten or were unaware. It is vital that everyone is fully aware not only of the benefits they have but the benefits they might not have. Many older policies contain substantial guarantees of great value, which are not given the prominence they should. This is particularly true of guaranteed annuity rates and bonus rates. In addition higher tax-free cash limits as we now move through pension simplification all need to be fully explained. Our pension audits service is simple and straightforward.

After initial contact, authorities are provided to enable us to contact all pension providers. We will then undertake an audit of all the schemes of which we are made aware outlining the advantages and disadvantages in clear understandable terms. We often find that the pension audit is an excellent way to start our relationship with clients and many times we have heard the expression ‘No one has ever explained it to me like that before.’

The pension audit service does not only look at identifying what benefits are held now but will also make suggestions as to alternative ways forward. This might be as simple as suggesting a free movement of investment funds to a more suitable fund or more extreme measures such as the bringing together of all the pensions into a self invested contract.

All too often it is thought that the only investments available for pension schemes are insurance company funds investment. There are many thousands of funds now available worldwide into which pension schemes can invest. In addition to this through self-invested personal pensions you have the ability to invest in all shares quoted on major stock markets. Alternative investments such as commercial properties, loans, borrowing and shares in unquoted companies can all be considered.

At Richard Jacobs we provide advice to schemes whose value range from £100 to £100 million, all are treated with the same respect. What is most important is that the investments recommended and chosen suit the client’s risk profile and are not merely dumped with an insurance company without a thought. We have business relationships and connections with all leading investment houses, fund managers and stockbrokers throughout the world. Contact is made on a very regular basis with many of these to ensure that we are always at the forefront of investment advice. Creating an appropriate asset allocation and portfolio for a pension scheme can be a long procedure requiring several meetings taking into account attitudes to risk and other investments. Alternatively more straightforward portfolios can be constructed effectively after completion of a risk profile questionnaire.

A great deal of it is made at the cost and charges of different pensions schemes, these charges become totally insignificant when the investment return of a good and bad pension scheme is compared. Yes charges are important but a fund that charges three times that available from a low charged fund can still provide significant advantages if the correct investment is chosen for the higher-charge scheme when compared with often poor-performing institutional based cheap funds

Having been involved with self-administered schemes since their inception in the late 1970’s, private funds and then SIPPs in the late 1980’s at Richard Jacobs we advise clients with all the many different types of SIPPs that are currently available. Where full investment powers are required particularly involving commercial property in the UK and abroad, the full-blown SIPP even with its higher charges is often the best way to move forward. We have very close relationships with all the major SIPP providers and are able to recommend the most suitable and appropriate vehicle comparable to our client’s needs.

In recent years we have seen simpler and cheaper SIPPs particularly the new internet-based vehicles where investments are restricted to UK shares or funds. Again if these are appropriate we are only too happy to recommend the most appropriate.

One area where we always have difficulty making recommendations is for the insurance-based product, we have yet to find an insurance-based SIPP provider that can provide an acceptable level of service and understanding of our clients needs.

SIPPs are the modern way forward for pension funds with sizeable contributions or funds in excess of £50,000. They are not always the most suitable and they are not the answer for everyone. For some the low-charged personal pension with its restricted fund choice can be just as appropriate as the full-blown self-invested personal pension with access to all investment opportunities available under the law.

Just imagine if you were suddenly too ill to work or the breadwinner in your family died unexpectedly. Life cover can help pay off the mortgage and support the family should the key earner or homemaker pass away.

But it’s not just protecting your mortgage that matters. Think about any debt you may have on credit cards and the important yearly costs for things like raising a child, part- time nursery places and energy bills. These outgoings would still have to be paid if anything happened to you.

You may think that your savings would be enough in these circumstances but how far would they really go and is this really want you want to do with your nest egg? The average monthly costs that most households have to pay for food, fuel and power are nearly £700.

By taking out life or critical illness cover, you can protect your savings because the unexpected will take care of itself.

What next? Talk to us and we’ll help you to identify your individual protection needs and guide you through the various types of cover.

ISAs are tax-free but there are limits on how much you can invest in them. We can advise you on the limits for the current year and we can explain how cash and stocks and shares ISAs work.

We can also advise you on how to transfer your ISA from one provider to another without it affecting your annual allowance. We can look at the performance of your existing ISAs and compare them to the market.

Our team of experts can also advise you on Discretionary Investment Management – a service offered by professional investment managers who manage individual investment portfolios for private investors and trustees.

Investment Trusts and Unit Trusts are a form of collective investment where people share the costs and benefits of investing money together. We can explain how these trusts work and what level of risk is involved.

One of the key differences between these two types of trust is that an Investment Trust Manager is legally allowed to borrow capital to buy shares, which does increase the risk of the product. This is why it is so important to get the right advice from people you can trust.

A Life Bond is a single premium life assurance policy designed for investment purposes to provide either income or growth. We’ll talk you through the reasons why bonds could be a suitable vehicle for your money.