Getting help
We authorise advisers to give advice on personal and stakeholder pensions. But we do not regulate advice about employer's occupational pension schemes.
To help advisers give you suitable advice about your pension options, you should always tell the adviser whether your employer offers an occupational pension that you could join, or have joined.
If you go direct to a product provider, in many cases the representative will only be able to advise you on that provider's pension products. In some cases, they will have adopted products from other companies and can advise on these too, but they should tell you what the position is.
Firms that give financial advice have to be regulated by us, or be the agent of a regulated firm. Regulated firms and their agents are placed on our Register and have to meet certain standards. They should only recommend a product that is right and suitable for you, based on the information you give them. Always make sure that the firm you use is on our Register and is allowed to give advice on pensions before handing over your money. If they aren't regulated by us and things go wrong, you won't have access to complaints and compensation procedures. To find out if a firm is on our Register, see Check our Register.
Information you will get
Firms we regulate must only recommend products (or pensions) that are suitable for you and must give you certain information about the firm, their services and costs.
Once the adviser has decided whether a particular pension is suitable for you, he or she will then explain to you why that product has been suggested and give you this in writing. They'll also give you a Key Features Document and personal illustration which sets out important details you need to know about the pension, for example:
- the particular features of the pension;
- how it works;
- the benefits of the pension;
- the pension you might get when your retire, depending on how the investments do and what you pay in future years;
- what you might be charged, and what effect the charges might have on your pension;
- how your contributions are invested; and
- how long you have if you decide not to take out the policy - the cooling-off period.
Things to ask yourself before you see an adviser
- How much can I afford to pay regularly?
- When do I hope to retire?
- What savings, investments or other assets do I have?
- Will my partner have a pension?
- What am I likely to get from the State Pensions?
- What do I know about investing my contributions and how do I feel about risk?
Questions for your adviser
- What sort of investment would be suitable for me, given:
- that I can/cannot join an occupational pension;
- the length of time until I retire;
- my employment status and prospects;
- my other savings, investments and assets; and
- how I feel about investment risk.
- How much should I be saving to get the retirement income I want?
- Is a stakeholder pension the best option for me? If not, why not?
Top tips
Make sure you understand what you are signing up to and that it is right for you.
Tell the adviser if your employer offers an occupational pension.
Check out the impact of charges on your pension fund.