Important notes - If you’re thinking about transferring, check you won't lose valuable guarantees or benefits or have to pay excessive exit fees. This website isn’t personal advice, if you’re not sure what’s right for you, please seek advice. Investments go down in value as well as up so you could get back less than you invest. You can normally only access the money in a pension from age 55 (rising to 57 from 2028). Pension and tax rules can change and benefits depend on your circumstances.
Why take pension advice?
Pensions can be complicated. You might have lots of different pension pots, all of which have their own rules and benefits.
An adviser can help you understand your options for each pension, so you know where you stand and whether you’re on track for retirement. Then they can tell you whether each pension is right for you, or recommend other pensions with more flexibility and choice.
Getting advice on your pensions could also mean a more comfortable retirement. An adviser will look at your investments and how much you’re paying in. Then, they’ll come up with a strategy which could boost your retirement pot. Keep in mind that all investments go down as well as up in value and you could get back less than you put in.
As a rule, you should consider financial advice if you’re not sure whether a course of action or investment is right for you.
What is pension advice?
A lot of things can fall under the heading of pension advice. We build our service around you, so you only pay for the advice you need. Whether it’s a full review, or help with specific things.
Pension advice can cover:
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Pension and retirement planning
Whether you’re on track for the retirement you want, and what to do if you’re not. You can normally only access the money in a pension from age 55 (rising to 57 from 2028). -
Pension investments
Whether you’re in the right investments based on your age, retirement goals and level of risk. Keep in mind that investments go down in value as well as up so you could get back less than you invest.
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Pension contributions
Help navigating complicated pension rules, so you’ll know how much you can and should pay in. Tax rules change and benefits depend on your circumstances. -
Pension transfers
Whether you might benefit from moving a pension to a different company or consolidating them into one pot.
Pension transfer advice
Do I need financial advice to transfer my pension?
Most pensions don’t require you to take financial advice before transferring. But you should check with your pension provider first to make sure you won’t lose any valuable benefits or guarantees.
You should also compare the charges and services of each provider to see if transferring is in your best interests. If you’re not sure, an adviser can help you.
Do I need defined benefit pension transfer advice?
If you have a Defined Benefit pension (such as a final salary or career average pension) worth £30,000 or more, then there’s a regulatory requirement to take financial advice if you want to transfer it. The same applies to pensions with guaranteed annuity rates.
As a rule, it’s not usually a good idea to transfer these pensions as you would be giving up valuable benefits such as guaranteed income at retirement. However, there can be some niche circumstances where a transfer could make sense, and our specialist teams can help you weigh up the pros and cons.
How much does pension advice cost?
It depends on your situation and what needs looking at. For example, whether you only need advice on where your pension is invested, or whether you need help with more complex planning and consolidation.
Our financial advisers typically charge 1-2% (+VAT where applicable), and minimum charges apply. We charge differently for advice on defined benefit pensions because of the complexity involved. Please read our key facts document for more details.
If you’re considering pension advice, it’s worth booking a call back with our advisory helpdesk. They’re not advisers, but they’ll be able to outline the charges. Then, if you’re still interested in advice, they can put you in touch with an adviser.
Where can I get pension advice and guidance?
Pension advice near you
We’ve got financial advisers based all over the country who can offer advice on pensions and retirement. They can also offer telephone and video calls if you’d prefer.
Guidance from Pension Wise
Pension Wise is a free, impartial government service for anyone aged 50 or over. It can help you understand what type of pension you have and your retirement options. But it’s only guidance and won’t give you personalised recommendations.
Guidance from MoneyHelper
MoneyHelper provides impartial guidance on a range of pensions and retirement topics. It’s government-backed and free to use. But similarly to Pension Wise, it won’t give you personalised recommendations.
Book a call with our advisory helpdesk
If you’re considering taking advice on your pension, our advisory helpdesk is the first port of call.
They won’t provide personalised advice, but they’ll answer any outstanding questions, outline the charges and help you work out if advice could help you. Then, if you’re happy, they’ll put you in touch with an adviser.
Related services
Pension and investment consolidation
Get help making the often complex decision of when, if and how to get your investments in one place. Feel more confident and get a better view of where you’re at.
Financial planning
Get a plan which pieces your goals together. You’ll get an expert’s view on how to achieve your goals and overcome the hurdles you may come across. Your plan should leave you feeling confident you’ve done everything you can to secure your financial future.
More helpful information
4 questions to ask yourself in the run up to retirement
Don’t wait until it’s too late. Start getting answers to your retirement questions sooner rather than later.
Should I transfer my pension?
We explore whether transferring a pension could be the right choice for you and outline the steps involved.
Five times financial advice could really help
The five times in life you should seriously consider taking financial advice.