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Pensions guidance

There is professional support available to help you make important financial decisions.

What's the difference between pensions guidance and pensions advice?

These two similar words have distinct differences in financial services.

Guidance

An organisation providing guidance won’t make a personal recommendation.

They’ll give you the facts you need and explain the choices open to you. But they’ll leave you to choose what you want to do.

Someone offering guidance:

  • may take a commission from any product you buy from them.
  • isn’t providing advice, so it's difficult to hold them to account if you get the wrong product.
  • doesn’t have to hold professional qualifications, though many will have.

Advice

When seeking financial ‘advice’ you’ll be asked specific questions about your finances.

And after a review of your situation, the adviser will recommend what action you should take.

Someone offering advice:

  • must hold professional financial qualifications in the areas of advice they provide.
  • is liable for the advice they give, so if it’s wrong you could seek compensation.
  • can receive a commission and may charge you a fee for their service.

Free impartial guidance

Pension Wise is a government service from MoneyHelper that offers free impartial pension guidance about your defined contribution pension options

Available if you’re 50 or over, they offer telephone or face-to-face appointments with highly trained professionals.

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It's important to have your free Pension Wise guidance appointment before you are ready to access your pension.

Retirement Advice Service

At retirement pension planning advice from our team of expert financial advisers.

Our advisers are regulated by the Financial Conduct Authority (FCA) to give advice on an independent basis. That means they won’t just include our products in the recommendation they give you – if there’s a better option available, they’ll let you know.

Questions about taking your pension

Yes - products will vary in the features provided, key considerations when looking at options for accessing your pension include:

  • Flexibility
  • Period of payout
  • Lump sum
  • Market risk
  • Guaranteed income

Our deciding how to use your pension tool aims to help you understand some of the decisions you need to make when thinking about how to use your pension pot.

No - Different providers may have higher rates of payment, different options, features, qualifying criteria and charges.

The options they offer could have different tax implications for you.

From 1 June 2022, the FCA now requires pensions providers to refer customers to Pension Wise guidance and explain the nature and purpose of this guidance, when they decide to access their pension savings.

Pension Wise from MoneyHelper is a free and impartial Government pension guidance service.

Your decision about which options to choose is likely to be influenced by many factors, such as how much income or cash you need now and in the future.

You should also consider your personal circumstances and the impact that your choices may have on taxation, State Benefits, Annual Allowances and any dependants.

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Why getting advice is important

Everyone's situation is different, and different companies provide different options for accessing your pension pot.

It's important to get advice and guidance before you need access to your pension.

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Pensions and tax

Understanding how your pension benefits will be taxed, and how inheritance tax affects pensions, is an important part of developing your retirement income plan.

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Retirement planning in advance

Researching your options and getting guidance in advance of needing to access your pension can save time and may allow you to make a more informed decision based on your individual situation.

Need some help?

Making well-informed decisions about how to finance your retirement is important so it’s worth shopping around and using available guidance and advice, before you buy.

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Retirement guidance

Pension Wise from MoneyHelper

The government’s free and impartial service, offering guidance to make money and pension choices clearer.

To find out more or book an appointment online click below or call.

0800 138 3944

8am to 6.30pm, Monday to Friday.
Calls may be recorded and monitored.

Speak to us

Our colleagues in Cardiff are always happy to answer your questions or help you apply for a quote.

0800 048 2446

Monday to Friday
9am to 5pm
We may record and monitor calls.

Retirement advice

Retirement Advice Service from Legal & General

Our advisers are experts in retirement regulated by the Financial Conduct Authority, so you can trust them to provide impartial advice and a personal recommendation that’s right for you.

0808 304 9115

Our team is available between 9.00am and 5.00pm, Monday to Friday. Calls may be monitored and recorded.