Your pension is likely to be one of your most valuable assets, so it’s important to think carefully before making decisions that could affect it. You’re welcome to contact us if you have any questions about your pension, but we cannot give advice or tell you what action to take. This page sets out the other services you may wish to use should you need any further guidance or advice.
MoneyHelper gives free, impartial guidance about your pensions and general finances. It is backed by the government and its website has lots of useful information on pensions. If you have any questions, you can talk to a pension specialist over the phone, via webchat, or through the online form.
Find out more at: www.moneyhelper.org.uk/retirement
Pension Wise is a special service from MoneyHelper that gives free pension guidance appointments to those thinking about taking money from a Defined Contribution (DC) pension. During an appointment, an adviser will explain your options to help you make an informed decision.You may wish to use this service if you have AVCs (Additional Voluntary Contributions) or are also a member of the Defined Contribution section.
You can book an appointment if you have a UK-based DC pension and are age 50 or over. In certain circumstances, you may be able to use the service if you’re under 50, such as where you are retiring early due to ill-health.
Appointments can be online, over the phone, or face to face. For more information and to book an appointment visit: www.moneyhelper.org.uk/pension-wise
Nudge to pension guidance - AVCs
If you’re over age 50, we are required by law to ask you to take guidance from Pension Wise before you take your AVCs. While we recommend that you do, you don’t have to take up the guidance. When you request information about transferring or taking your pension, it will include a form which you must complete and return to tell us whether you received the guidance, were exempt, or chose to opt out. We won’t be able to action your request until you complete this.
While MoneyHelper is able to explain your options, they are unable to give you advice. You will need to seek the help of a suitably qualified regulated financial adviser if:
- You want help with making a decision about your pension.
- You want to transfer out your Defined Benefit pension to a Defined Contribution arrangement and the transfer value is over £30,000.
Finding a financial adviser
We’re unable to recommend any financial advisers, but there are a range of services you can use to find one that suits your needs:
- The Personal Finance Society - this tool from the financial planning professional body can help you find a qualified adviser in your local area
- Society of Later Life Advisers (SOLLA) - this not-for-profit society can help if you’re nearing retirement and are looking for an adviser with Later Life Adviser accreditation
Both of the above services check that the advisers are properly qualified and accredited, giving you some reassurance about their expertise. There are also other services you can use to find an adviser, but it’s important to keep in mind that these do not independently verify advisers’ qualifications, instead advisers pay to be listed:
- Unbiased – An independent directory that allows you to search by location and type of service, but you should check each adviser’s qualifications and regulatory status yourself.
- Vouchedfor- A platform where customers can leave verified reviews of financial advisers, helping you compare advisers based on real client feedback.
Check the adviser is regulated by the Financial Conduct Authority (FCA)
Once you have found an adviser you would like to use, you should search for them on the FCA Register to make sure that:
- The adviser or firm you intend to use is listed on the register.
- They are regulated to give appropriate pensions advice.
Pension scammers sometimes pretend to be legitimate firms, so you should always contact the adviser using the details shown on the register.
If you use an FCA-regulated adviser and something goes wrong because of the advice you receive, you may be able to claim compensation.
To find out more and search the register visit: register.fca.org.uk
For more tips on finding a financial adviser, visit the MoneyHelper website.
We can liaise directly with a financial adviser or another third party about your pension as long as we are provided with a signed letter of authority. This will be in place for 12 months after it has been received. While we're happy to receive a scanned copy of the letter by email, to be accepted it must include:
- your full name
- your member number (can be found on any correspondence you have received from us)
- your date of birth
- their full name
- their full address and any other contact details
- your actual signature (digital signatures will not be accepted)
- the date your consent was granted
- a statement confirming that you give your consent for us to share information with them
For your security, we will let you know when we are contacted by a financial adviser on your behalf.
Please note, while we’re happy to talk to your adviser about specific questions relating to your pension, we won’t be able to respond to individual requests for general Scheme information. Instead, we will signpost to our dedicated section of the website for financial advisers which provides answers to these types of queries. We recommend the adviser read this first before contacting us.