Advice & guidance
Why do I need advice or guidance about retirement?
You may be very clear about what you'd like to happen and how you're going to secure a comfortable retirement financially, but decisions you make now could affect you for the rest of your life.
What's more, you may not be up to speed with the latest changes in pension rules and regulations. Pensions, annuities and long term financial planning are complicated subjects, so any information that helps you make an informed decision is a good thing.
Where can I get guidance?
Pension Wise is a government service from MoneyHelper that offers free and impartial guidance. The service won’t tell you what’s right for you, but it will explain your options and provide information.
Using the Pension Wise service doesn’t mean you can’t also speak to a financial adviser. In fact, using the service may make you realise how important it is to seek expert advice.
You might also like to take a look at Pension Buddy – a service developed by one of our group companies, HUB Financial Solutions. It’s online, free to use and provides valuable information and guidance to help you discover the essentials of planning for retirement.
Where can I get financial advice?
You may have access to financial advice through your workplace – it's worth checking to find out if that's the case. But if not, then an independent financial adviser is an excellent choice, as you'll be sure of getting an impartial view on your finances.
If you don’t currently have a financial adviser you’ll be able to find one in your area on thepfs.org or unbiased.co.uk websites.
If you’re planning to retire within the next six months you might like to use the digital Destination Retirement advice service provided by one of our group companies, HUB Financial Solutions. It’ll provide you with a free personal retirement plan showing you what your life after work might look like and how far your money may go. It'll then provide expert (and fully regulated) financial advice on how to make your plan a reality, ensuring you don't pay a penny more tax than you need to. If you decide to put your plan into action, ongoing fees and charges apply.
How much does financial advice cost?
In-depth independent advice on products and services that help to look after you, financially, for the rest of your life can be expensive. But the probability is that really good, sound advice may not only save you money in the long run, it could actually help you make wise decisions that may give you a more secure income. Ideally, you should plan to review your situation on a regular basis.
If you're a member of a defined contribution pension scheme or have hybrid pension arrangements you may be able to utilise the 'Pension Advice Allowance’ which the UK introduced in April 2017 allowing you to withdraw £500 to use against the cost of financial advice. You can use this allowance once in a tax year, and up to three times in total. And best of all, it's tax free! As it’s a tax free dip into your pension pot, it will reduce the worry of forking out of your pay packet for valuable advice, but this will reduce your pension pot balance.
