How to get advice on your pension

Need to speak to someone about your personal pension but don’t know where to start? Chances are, you’re not alone.

Our pensions are often the most important savings that we’ll make in our lifetime. However, their complex nature typically puts people off dealing with them – it’s a classic case of when something feels difficult, we ignore it, and inertia rules….

However, given that we rely on our pensions to support us throughout retirement, it’s a good idea to check on them every few years. This way, you can make sure that your finances are on track for the type of lifestyle that you want, and expect later on.

But many of our members tell us that – when it comes to organising their pension(s) – they don’t know where to start. With that in mind, we’ve pulled together a few starting points to hopefully make those initial steps just that little bit easier.

Find out where you stand

When it comes to keeping track of your pension(s), the first step is to dig out information from your various pension providers. You may only have one pension provider if you’ve been with the same employer for 20 or more years, or you may have a number of pension pots split across different providers if you’ve changed employers every few years.

By law, each pension provider is required to give you regular updates on the performance of your pension. It helps if you can find and gather the last statements that you received for each pension pot, so that you have a complete list of all your pensions and the various amounts in each. If you can’t find the information – but know who your pension is with, then you should be able to call the provider and give them your National Insurance number and other personal information to allow them to identify you and get the details sent out. It’s also worth checking and updating the address they have on file for you at the same time if you’ve moved house since you last provided your details.

If you’re still struggling to find the details, then the Government has a service that allows you to find the contact details of various providers to trace long lost pensions. It may be time consuming, but it’s worth taking the time to track down, as you don’t want to potentially lose out on thousands of pounds sat in a long lost pension somewhere! You can find out more about how to track down any missing or forgotten pensions in our article Tracing lost pensions.

Seek free 1-2-1 Government supported guidance

pension advice

When you have your various pension details to hand – a good next step is the Pension Wise website. It was set up by the Government to offer free and impartial guidance to people who have a personal pension scheme.

If you are aged 50 or over and have a defined contribution pension, you can book a free telephone or face to face appointment with them, to help you make sense of your options. This is almost always worth doing as a free starting point to help you on your way.

Consider using a Financial Advisor

couple getting financial advice

If you’ve built up even a modest sized personal pension pot, it may also make sense to consider using a financial adviser who can offer you more personalised support and help you plan for your retirement.

The downside to using a Financial Advisor is that there are usually fees involved, but these are often outweighed by the benefits of getting good personalised advice. Different firms can charge in different ways, so it’s important to get an idea of the costs upfront. Thankfully, since 2011 the Financial Regulator (the FCA) has made it a requirement for Financial Advisors to clearly state what the fees are at the first meeting – this way, there’s unlikely to be any nasty surprises further down the line.

Pension rules have changed recently – and now you can withdraw £500 (tax-free) from your pension to pay for professional pension advice. Many advisors also offer an initial free consultation, which gives you a chance to try out their service and ensure you are happy to have a continuing relationship before paying for anything. With many Financial Advisors offering this free consultation, it can make sense to meet more than one – so you can make a comparison and see who you have the best rapport with – to ultimately help you decide who you trust to give you the best advice for your circumstances.

How to find a Financial Advisor

Word of mouth is always helpful and many advisors focus on building their reputation locally, so in the first instance it’s worth asking trusted friends and family who they have chosen to advise them on their money and if they would recommend using them.

Alternatively, you can find a local financial advisor on VouchedFor or, or for more information, check out our guide on How to find the right financial advisor for you.

If you think you might be interested in speaking with a financial advisor, VouchedFor is currently offering Rest Less members a free pension check with a local well-rated financial advisor. There’s no obligation, but once you’ve had your check, the advisor will discuss the potential for an ongoing relationship if you think it might be useful to you. 

Have you recently sought advice on your pension from a financial advisor or have you used government supported pension advice for the first time? We’d be interested in hearing from you. You can join the money conversation on the Rest Less community or leave a comment below.

Links with an * by them are affiliate links which help Rest Less stay free to use as they can result in a payment or benefit to us. You can read more on how we make money here.

If you’re considering getting professional financial advice, VouchedFor is offering Rest Less members a free pension check with a local advisor. There’s no obligation but once you’ve had your review, the advisor will discuss the potential for an ongoing paid relationship if you think it might be useful to you.


Loading comments...

    Leave a reply

    Thanks, your comment has been saved. We will review it shortly, check back soon.

    Sorry, there was a problem saving your comment. Please refresh and try again.

    Get the latest ideas, advice and inspiration​

    No spam. Just useful and interesting stuff, straight to your inbox. Covering finance, learning, jobs, volunteering, lifestyle and more.

    By providing us your email address you agree to receive emails and communications from us and acknowledge that your personal data will be used in accordance with our Privacy Policy and Terms and Conditions. You can unsubscribe at any time by following the link in our emails.