Knowing what to do with your pensions, whether to; transfer defined benefit savings into a defined contribution scheme to enable access to more retirement flexibilities, or combining several pensions pots into one saving and investment structure can be daunting.
There are lots of resources available for you to get information about pensions, however finding the right guidance or advice is important and we have a few suggestions where to go below:
Impartial guidance:
The Money and Pensions Service (MaPS)
Combines Pension Wise, the Money Advice Service and the Pensions Advisory Service to form a single financial guidance service. This single website is still under development and scheduled to be ready by Summer 2021 (www.moneyandpensionsservice.org.uk), but for now, please keep visiting the three individual sites below:
Pension Wise
Designed to give guidance to help members of defined contribution pension schemes understand their options; it can also be used by people with defined benefit pensions who want to look into flexible retirement options. It is available to people aged 50 and over. Visit www.pensionwise.gov.uk or call 030 0330 1001 for more information.
The Money Advice Service
Free and impartial advice about pensions and finances, included budget calculators, debt advice and benefits. Go to www.moneyadviceservice.org.uk to see more.
The Pensions Advisory Service
Offers free advice to people with workplace and personal pensions. See more at www.pensionsadvisoryservice.org.uk
Independent financial advice:
Transferring out (DB benefits into a DC scheme) is a major financial decision which, may or may not, be in your best interests. If the transfer value of your benefits is £30,000 or more, you are required by law to take financial advice before you will be allowed to transfer.
The Trustee, Company and their advisers are unable to offer you financial advice that is specific to your personal circumstances. You should seek financial advice if you any are in any doubt. If you need advice, you should contact a regulated financial adviser. You can find a financial adviser in your area by visiting:
www.moneyadviceservice.org.uk/en/articles/choosing-a-financial-adviser, or
www.fca.org.uk/consumers/finding-adviser (includes tips on how to get you started)
Other websites to visit to help find an adviser near you are:
www.financialadvisorbureau.co.uk