Getting advice
There's plenty to think about when deciding how to take your Scheme benefits. To support this process, the Trustees have appointed ilumiti, a firm of financial advisers regulated by the Financial Conduct Authority (FCA), who can help you understand your options and decide which one is right for you.
What is financial advice?
Financial advisers provide a range of services that can help you with financial decisions at different stages of your life. This can be particularly useful when you have an important and potentially difficult financial decision to make, such as approaching retirement.
There's lots of reasons why people need financial advice, but there's also lots of different types of financial adviser. It's therefore important to know who to go to and when. Financial advisers are regulated by the FCA and the FCA register includes details on which firms are regulated to provide advice on pension products.
Why might I want to take financial advice about my retirement options?
A financial adviser can help you understand your retirement options and provide you with a recommendation on the most suitable option for you based on your own personal circumstances and financial situation.
While the decision on whether to take financial advice is a personal one, taking financial advice is a legal requirement if you are considering transferring your Scheme benefits to a a defined contribution (DC) arrangement and your transfer value is greater than £30,000 (excluding any additional voluntary contributions (AVCs)). Transferring out can't be reversed so it's important you understand the risks and benefits.
What would my financial adviser need to know?
To tailor their advice to you, you'll need to provide your adviser with information on:
- Your finances (for example, debts, income, outgoings, savings, other retirement income).
- Your health and lifestyle.
- Your plans for retirement, and why they are important to you and your loved ones.
- Your dependants.
How long does the advice process typically take?
If you wish to take financial advice, it is important that you start this process as soon as possible to ensure there is sufficient time to obtain all the required information, take advice and implement your decision before you wish to retire. The process can take several months, or more, depending on the option you choose.
Finding a financial adviser
The Trustees have appointed an FCA-registered financial adviser, ilumiti, to provide eligible members with paid for, tailored, impartial financial advice on their Scheme benefits. ilumiti understand how the Scheme works, so can explain your retirement options and help you with your decision.
You can use your own financial adviser, although the Scheme will not meet the cost of this advice.
If you wish to find an alternative financial adviser, you can visit the MoneyHelper website. You should check that the adviser is regulated by the FCA. Please be aware the Trustees cannot provide financial advice or advise you on which IFA to use.
There is no obligation to use ilumiti or to follow any advice provided by them.
Who is ilumiti?
ilumiti is a firm of financial advisers regulated by the FCA. They support pension scheme members, like you, every day, helping them to understand their options and decide which one is right for them.
The Trustees have appointed ilumiti to provide eligible members with paid for, tailored, impartial financial advice on their Scheme benefits. To see if you're eligible, have a look at this factsheet.
ilumiti understand the Scheme and the options that are available to you as a member. They will explain your options, give you advice and help you make an informed decision. You can read more about ilumiti on their website.
How many times can I access the paid for financial advice?
The Trustees will pay for eligible members to take one round of financial advice on their Scheme benefits from ilumiti. Therefore, make sure you access this service at the right time for you (for example, when you're getting ready to make a retirement decision).
Important: The choice is YOURS
If you decide to take advice from ilumiti, the contract will be between you and ilumiti.
You don't have to follow any advice they provide, but you should think carefully if you're considering taking an option that they have advised you not to take. Please discuss this fully with your financial adviser so that they can ensure you understand the risks. If you decide not to follow ilumiti's advice they will not process your chosen choice on your behalf and you would then need to make alternative arrangements at your own cost.
The Trustees and the Scheme are not responsible for any advice provided by ilumiti and any complaints or concerns about advice should be provided to ilumiti.
Find out more
Find out more about the different stages of ilumiti's advice process:
Note: Although ilumiti need to know details about your other retirement savings, including pensions, to provide you with advice, your advice session will only include a recommendation on what to do with your Scheme benefits. If you need advice on other benefits or other types of advice, ilumiti can provide you with additional information, including the costs.
Prepare for your appointment
There are some things you can do to get the most out of your advice session with ilumiti (or whoever you use):
- Imagine your future
An advice session is your chance to talk about you and the life you'd like your Scheme benefits to support. Having a picture of what the future looks like will help you focus on the choices you need to make today. - Do your homework
The information included with your retirement pack gives a summary of your main retirement options. Remember to explore the education (overview of your options, videos and factsheets) on this site. The ilumiti website also includes some helpful information.
- Collect your paperwork
Your Scheme benefits are probably not the only income you'll have when you retire. When and how you take these other types of retirement income (like your State Pension) will influence the choices you make for your Scheme benefits. Collect all the information you can about your other retirement income as well as your outgoings. Help finding any previous pensions is available on the government website. - Write a list of questions
Is there a specific topic you want to cover, like tax or dependants' benefits? Have your questions ready for your session so you don't forget anything that's particularly important to you.
Find out more
For more about what to expect and what to do next if you want to take advice…
Get in touch with ilumiti
You can register for advice via ilumiti's website or you can arrange your appointment with ilumiti by:
- Calling 0800 619 1019*
Lines are open 8.30am – 5.00pm, Monday to Friday. - Emailing rfs@ilumiti.co.uk
- For more information on registering for advice and what happens next
download the factsheet.
*All calls are recorded for business purposes. Calls are free from landlines and from mobiles if calling from within the UK.
Have your details to hand
You'll need to share the following with ilumiti when you first contact them to verify your identity:
- National Insurance number
- Scheme Reference Number
- Proof of address