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We know that with so many options to choose from, finding the right pension product can be confusing. That's why we always recommend taking guidance and advice. Here's our guide to where you can find the help you need.

Pension Wise at MoneyHelper

Pension Wise, now part of the government’s free MoneyHelper financial guidance service, offers appointments to anyone aged 50 or over with a defined contribution pension. you’ll have a 45 to 60-minute conversation with a pensions specialist, in person or over the phone. The specialist will give you a clear and simple explanation of your pension options and how each one is taxed. They’ll help you understand the next steps you can take. We would strongly suggest you speak with an independent financial adviser before you make any decisions.

If your pension pot is over £30,000 the law requires you to take independent financial advice if you want to take certain options. Advice must be taken if you want to take your pension as a lump sum, a flexible retirement income or transfer to another pension.

Taking advice will make sure you understand the value of the benefits that you’re giving up.

The legal requirement to take advice applies if your pension has: -

• a promised amount
• a rate of income like a guaranteed annuity rate or
• defined benefits such as a Final Salary pension.

Some pension providers may require you to take financial advice if you decide to choose a certain retirement option. For example, if you choose to take a flexible retirement income, a pension provider may ask that a financial adviser helps you decide which investment choice(s) is/are right for you.

You can also find guidance and advice at MoneyHelper.

If you want to change your pension provider, we recommend shopping around to check what's available from other providers. This guide from MoneyHelper tells you more.

 

 

Speak to a financial adviser

Independent financial advisers will help you review your current financial planning, examine your options and provide a personal recommendation to you. They’re not linked to any provider and will give you impartial advice. Be sure to use an adviser regulated by the Financial Conduct Authority – find one on the FCA register. Your adviser will tell you about any fees that may apply during your first chat. If you’re not sure if you need advice, you can make an appointment to find out what they can do for you.

If you don’t have a financial adviser, Phoenix Customer Care can put you in touch with one. Or you can find an adviser local to you on Unbiased.