Who Can I Speak to About My Pension?
There are 4 main options for you when wanting to discuss your pension options, these are:
- Financial Advisors – Independent or restricted advisors can provide tailored advice.
- Pension Providers – Contact your current and past providers for specific plan details. Often, these will refer you back to a financial advisor.
- Employer Pension Schemes – HR departments and scheme administrators can help with their basic knowledge.
- Government Resources – The Money Helper and Pension Wise offer free guidance.
Here is a summary of the above 4 choices to help you decide who to contact:
Financial Advisors
Independent Financial Advisors (IFAs) – IFAs offer unbiased advice on a wide range of financial products, including pensions. They can help you understand your pension options, create a retirement plan, and make investment decisions.
Restricted Advisors – These advisors can only recommend products from a limited range of providers. They can still offer valuable pension advice but might have a narrower focus than IFAs.
Pension Providers
Your Current Pension Provider – Contact your current pension provider for details about your pension plan, including your current balance, contributions, and investment options.
Past Pension Providers – If you have pensions from previous employers, contact those providers to get information on your past pension pots.
Employer Pension Schemes
HR Department – Your employer’s HR department can provide information about the workplace pension scheme, including how to join, employer contributions, and other benefits.
Pension Scheme Administrator – Some larger companies have dedicated pension scheme administrators who can offer detailed advice about the scheme’s specifics.
Government Resources
Money Helper – This government-backed service provides free, clear, and unbiased advice on pensions. They offer tools, calculators, and guidance to help you plan for retirement. You can visit their website or contact them by phone.
Pension Wise – If you’re aged 50 or over, Pension Wise offers free guidance on your defined contribution pension options. They provide one-on-one appointments to help you understand how to use your pension savings.
As independent financial advisors, we would always recommend taking advantage of a free, no-obligation consultation. We can answer your questions, explain how our service helps, and explore how we can work together to achieve your pension objectives.
The value of pensions and any income from them can fall as well as rise. You may not get back the full amount invested. Past performance is used as a guide only; it is no guarantee of future performance.
This website/blog/script/guide is for information purposes and does not constitute financial advice, which should be based on your individual circumstances.
