GETTING ADVICE AND GUIDANCE

Choosing how to take your pension benefits is a big decision which depends on your circumstances. It’s important to have all the information you need to make it.

We recommend that you take advice if you’re thinking about transferring your pension. In fact, if your transfer value (excluding AVCs) is £30,000 or more and you wish to transfer out of the Scheme Pension to a DC arrangement, you have to take advice from an FCA-Registered Financial Adviser in order to do so.

Advice

What is financial advice?

By taking financial advice on your retirement options, you’ll receive a specific recommendation on the most suitable option for you, based on your own personal circumstances and financial situation.

This advice must be provided by a person who is appropriately regulated by the Financial Conduct Authority (FCA). The FCA register shows firms that are regulated to provide advice or pension products.

The Trustee is unable to provide you with advice. The Trustee is not responsible for any advice provided so any concerns about advice should be addressed to the financial adviser.

How does advice differ from guidance?

Guidance is intended to help you understand the different retirement options available, to enable you to make a decision.

Why might I want to take financial advice?

While the decision on whether to take financial advice is a personal one, there are some circumstances where taking advice, instead of, or as well as, guidance, may be appropriate or required. 

Examples of such circumstances include:

  • You are considering taking your benefits before State Pension Age (SPA)
  • You want to start to take your retirement benefits and continue working and/or saving for retirement
  • Your transfer value is greater than £30,000 (excluding AVCs) and you are considering transferring to a DC arrangement. Advice is a legal requirement in this situation.
  • You might be affected by the Lifetime Allowance (pension savings above this amount incur additional tax charges)
  • You have complex income requirements in retirement
  • You live overseas now or you’re planning to move abroad
  • You have significant other assets outside of your Scheme Pension (excluding your own home)
  • You are in ill-health
  • You have complex debts to manage.

You can find a financial adviser by visiting the MoneyHelper website page on choosing a financial adviser.

The FCA also provides information about transferring on their
website, including a video about transfer advice.

Guidance from MoneyHelper and Pension Wise

If you have any defined contribution (DC) savings like AVCs, and are over 50 years old, you can have a free guidance call of up to an hour with a pension specialist from Pension Wise (part of MoneyHelper), a service that is provided by the Government.

Pension Wise cannot provide you with guidance about the options available for your Defined Benefit Company Pension.

If you have DC savings, to book your appointment, please call Pension Wise on 0800 138 3944 between 8am to 8pm, Monday to Friday. They will send you an email confirmation of your booking.

Or you can book an appointment online here.

Further information
MoneyHelper are available to provide information about defined benefit schemes like the Company Pension.

There is a lot of information available on their website or you can talk with them by:

  • Calling their helpline on 0800 011 3797 (9am to 5pm, Monday to Friday).
  • Webchat (available 9am to 6pm, Monday to Friday. Just visit their website and select ‘Talk to us live’.

Please note: Guidance does not usually:

  • Provide you with financial advice or consider your wider financial position, including any other savings
  • Give you a specific recommendation
  • Cover the options for any other pension savings you have
  • Implement your chosen option – you are responsible for completing and returning the relevant paperwork to set up your retirement income
  • Talk through the providers available for the different retirement options.