What talking to an adviser involves
Your figures are a starting point. A financial adviser can help you consider your pensions, savings and tax together, in light of what you want your money to do.
A first conversation
Expect to discuss your income, savings and goals. Ask what the adviser can help with, how they charge and what you would pay. Check whether the first meeting is free before booking. You can decide afterwards whether to go further.
Independent or restricted, and fees
An independent adviser considers a wide range of products from across the market. A restricted adviser recommends from certain providers or certain kinds of product. Both are regulated, and under the FCA's rules a firm must tell you which it offers before it advises you.
Advisers usually charge an initial fee for advice, and an ongoing fee if they keep reviewing your plans. Either can be a fixed fee, an hourly rate or a percentage of the money invested. You should be told the cost before you agree, and an ongoing fee should come with a service you can cancel.
Some pension schemes let you take up to £500 a year from your pension to pay for retirement advice, up to three times, without a tax charge. Not every scheme offers this; see gov.uk on getting retirement advice.
What to take
- Your latest pension and savings statements.
- Your State Pension forecast from gov.uk.
- The calculator figures you want to discuss. If you share a calculator link, check the figures in its address first. Anyone with the link can see those figures.
Checking an adviser
Before sharing personal information, use the FCA register to check the firm and its permission to give the advice you need. Use the contact details on the register.
Hang up on a cold call about your pension: the FCA says it is illegal and probably a scam.
Finding an adviser, and scam signs
Two professional bodies, the Personal Finance Society and the CISI, have search tools for finding an adviser. Commercial directories exist too. We don't recommend any firm, and no one pays to appear here.
Other signs of a pension scam:
- An unexpected offer of a free pension review.
- A firm using the name of a real one, with different contact details.
- A guaranteed better return on your pension.
- Pressure to decide quickly.
- Unusual investments, often unregulated and high risk.
- A structure so complicated it isn't clear where your money ends up.
- An offer to release cash from your pension early.
Never take advice from the company that contacted you. The FCA's guide to pension scams explains how to report one.
Sources checked on .
What opening this guide does
Opening this guide does not contact an adviser or book a meeting. This site does not currently offer introductions.
This site provides calculations and general information, not personal financial advice.