{"id":457320,"date":"2022-07-26T15:20:56","date_gmt":"2022-07-26T14:20:56","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=457320"},"modified":"2026-05-11T02:27:24","modified_gmt":"2026-05-11T01:27:24","slug":"retirement-advice","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/pensions\/retirement-advice","title":{"rendered":"Retirement and pension advice"},"content":{"rendered":"

Gone are the days when people worked for a single company, and paid into a single workplace pension<\/a>, their whole lives. These days, many of us will end up paying into more pension schemes than we can count on a single hand. This means that our decisions about how to fund retirement are much more complicated than they used to be. On top of that, we have the pension freedoms introduced in 2015. These gave us far more options about how to access defined contribution pensions. Combined, these factors mean that most of us will need retirement and pension advice at some point. Here\u2019s a rundown of the help available.<\/p>

Why should I get advice on my pension?<\/h3>

If you\u2019re diligent about paying into a pension, chances are that by the time you retire, it\u2019ll be one of the biggest assets you\u2019ve ever owned. If things have gone well, you could end up with a pension worth hundreds of thousands of pounds.<\/p>

When you retire you\u2019ll be responsible for making sure your pension pot \u2013 whatever size it is \u2013 is managed effectively. This is likely to mean making some important, and potentially complicated, decisions about how to use your pension funds. That\u2019s particularly the case if you have a defined contribution pension<\/a>, which you can access in lots of different ways.<\/p>

So, unless you\u2019re a financial expert yourself, getting retirement and pension advice from someone who can help you make the right decisions. This in turn will ensure you have the best possible lifestyle in retirement.<\/p>

When should I get retirement advice?<\/h3>

There\u2019s no wrong time to get pension advice. The nature of the advice you need will depend on whether you\u2019re still building up your pension pot or starting to think about accessing it.<\/p>

Getting advice to help you build up your pension<\/h4>

Some people might benefit from financial advice well before they retire, to help them build up their pension most effectively. This kind of advice is more likely to be beneficial to those with more complex needs. This might include, for example, those who are paying into a self-invested personal pension<\/a>. This is a type of personal pension<\/a> where you can take control of the specific pension investments you buy and sell, rather than leaving decisions to the pension manager.<\/p>

Plus, if you\u2019re lucky enough to have a lot of money to pay into your pension, you might need financial advice on how to avoid exceeding your annual<\/a> or lifetime<\/a> pension allowances.<\/p>

These kinds of advice will almost always need to be tailored to your specific needs, so you\u2019ll need to pay for regulated financial advice. You can get this kind of advice whenever you need it, either as a one-off to help you make a key decision, or to help you manage your pension on an ongoing basis.<\/p>

Getting advice on accessing your pension<\/h4>

The best time to get advice on accessing your pension is at least a year or two before you plan to start taking money from it. That gives you plenty of time to consider your options and do any prep that\u2019s needed. The best way to get advice, and the type of advice you\u2019ll need, will depend on your personal circumstances. For example, what type (or types) of pension you have, your health and whether you have dependants. In the rest of this guide, we\u2019ll be focusing on advice on how to access your pension, as it\u2019s something almost everyone is likely to need some help with.<\/p>

What kinds of pension issues might I need advice on?<\/h3>

Here are some of the most common questions that people might have about starting to take their pension. It\u2019s not an exhaustive list of things that an expert can help with, but it will give you an idea of the things you might need to consider. Where Finder has more in-depth articles on each topic, we\u2019ve included links for more information. Written guidance isn\u2019t a replacement for in-person advice, but it can give you a better understanding of the issues and help guide your discussions with a pension expert.<\/p>