Pension Wise is a government service from MoneyHelper that offers free, impartial guidance about your defined contribution pension options. An appointment with Pension Wise is free and will help you understand what your overall financial situation will be when you retire.

Do I need advice to take my pension?

Cashing in your pension If you plan to cash in a defined benefit pension, you are legally required to seek financial advice regardless of how much is in your plan. The guaranteed income that such final salary schemes provide is highly valuable so cashing in this type of pension is unlikely to be a good decision.

Who can help me sort out my pension?

The Government offers a free pension tracing service to help you track down any missing pension pots. Visit the website here or you can also request contact details from the Pension Tracing Service by phone on 0800 731 0193 or by post.

Do Citizens Advice give pension advice?

Booking an appointment with a pensions guidance specialist You can book a free appointment with a pensions guidance specialist who will talk through your pension options with you. Appointments will be either over the phone or face to face with specialists from The Pensions Advisory Service and Citizens Advice.

Can I manage pension myself?

One of the most flexible types of pension, a SIPP lets you select and manage the investments in your pension pot yourself. You can open a SIPP alongside your existing workplace or other personal pensions – and in doing so, can open up a range of investments that may not be available to you via other schemes.

What kind of advice can you get on a pension?

If you need help in choosing a pension, or reviewing your retirement options, an independent financial adviser (IFA) may be able to help. IFAs are authorised to give you advice and recommend suitable pensions products and investment options.

What do you need to know about pension transfers?

You must provide advice that is suitable for the individual client and this advice must be clear to the client. Advice on pension transfers should follow the normal advice process for pension transfers. You should be clear with the client what the risks of the alternative course of action are.

Do you need a financial advisor to draw down your pension?

If your current pension allows drawdown then you might not need a financial adviser to do this. You will just need to let your pension company know that you want to go into drawdown. Although even if this is the case, it’s advisable to seek advice to understand how much is a sustainable amount to take from your pension.

Do you need to give advice on DB pensions?

Where clients are required to take advice (for example in relation to DB pensions and other safeguarded benefits) then some may decide to disregard that advice. There are 3 key steps to take when advising an insistent client: You must provide advice that is suitable for the individual client and this advice must be clear to the client.