Should I get advice?

When thinking about the best way to turn your pension savings and other investments into an income for retirement, there’s a lot to weigh up. That’s why many people choose to get expert advice from a financial adviser, even if they’ve never had financial advice before.

As well as helping you find the right solution, this can provide valuable peace of mind.

If you do decide to get financial advice, you’ll be asked questions about your finances and your plans for life after work. The adviser will review your options and make a recommendation of what you should do based on an assessment of what’s right for you. Some of the choices you make about your retirement finances can’t be changed, so it’s important to get it right.

Always makes sure the adviser and the firm they work for are regulated by the Financial Conduct Authority (FCA). That means they must meet minimum standards and hold certain qualifications before they are allowed to give advice. They are also liable for the advice they give, so if it’s wrong you can seek compensation.

Firms offering advice can’t receive any commission. Instead, they’ll charge you a fee for their services (though this can be taken directly from the pension fund).

An alternative to speaking to an adviser is Destination Retirement - a completely new kind of financial planning and advice service.

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