Pension Advice

Do I Need a Financial Advisor For My Pension?

do i need a pension advisor

When it comes to approaching retirement age or if you’re considering withdrawing or cashing in a pension you may be wondering if you need to seek pension advice from a financial advisor.

The short answer is no, however there are certain circumstances when it may be beneficial to receive financial advice. Pensions are complicated and mistakes can be costly, both in terms of losing money and the impact of that on your lifestyle.

The best way to prepare for your financial future is impartial pension advice that’s tailored to your specific circumstances.

An independent financial adviser will use their expertise to help you make the most of your money.

 They’re legally bound to give advice that benefits you and your circumstances and will  spend a lot of time understanding your specific needs and assessing your options.

A study by the International Longevity Centre (ILC) think-tank found that there is a positive correlation between those that seek financial advice and the amount of money they accumulated as a result of the advice.

Ben Franklin, Head of Economics of Ageing, ILC-UK said:

“Our results show that those who take advice are likely to accumulate more financial and pension wealth, supported by increased saving and investing in equity assets, while those in retirement are likely to have more income, particularly at older ages.

The report found that 9 in 10 people are satisfied with the advice received, with the clear majority deciding to go with their adviser’s recommendation.

Do I need to pay for pension advice?

Pensions are complicated and mistakes can be costly, both in terms of losing money and the impact of that on your lifestyle. The best way to prepare for your financial future is impartial pension advice that’s tailored to your specific circumstances.

An independent financial adviser will use their expertise to help you make the most of your money.

They’re legally bound to give advice that benefits you and your circumstances and will  spend a lot of time understanding your specific needs and assessing your options.

So, whilst there’s a cost to professional financial advice, the benefits can be priceless, especially with our lifestyle planning approach – from realising you can retire years earlier than you thought, to having the peace of mind to live later life to the full knowing you have enough money to last.

Not only that but you get reassurance and legal protection when using a Financial Adviser. The Financial Conduct Authority (FCA) is the regulator of the financial services industry in the UK and all advisers must abide by their strict rules. Plus, by using a professional you’re also protected by the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS).

How much does pension advice cost?  

Pension advice costs vary, depending on the help and support you need. Some circumstances are very simple – such as a single person with a single workplace pension – whilst others are more complicated – such as a couple with multiple pension pots and investments.

 You’ll need to speak to different advisers to find out a ballpark figure. But they won’t be able to confirm detailed costs until they understand your circumstances better. That’s why pension advisers usually offer a free initial consultation – so they can find out more about you and prepare a quote.

Our initial consultation is free of charge. You can book an online consultation to start sorting out your finances from the comfort of your own home. Or book a socially-distanced, in-person consultation at our COVID-secure planning rooms.

What’s the best age to get pension advice?

You can generally access your private pension pot from the age of 55. So, we think you should start getting pension advice around that time. Imagine how frustrating it would be to wait until you’re 60 to ask for advice and then realise you could have retired five years earlier.

Get Expert Pension Advice Book Your Free Meeting

Our financial advisers will explain your options so you’ll know how to make the most of you pension pot and other assets to fund the life you want.

Contact our friendly team on, 033 0133 3035 or use the form below to arrange a call back from one of our experts.

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