Your Retirement Planner

If you're thinking about getting financial advice, there are a number of important points to think about.

In the UK, financial advice is clearly defined into two categories – independent or restricted.

If you choose an independent adviser they'll consider all product options that meet your needs in the UK market. Restricted advice covers a wide range of advice services. Some restricted advisers may advise only on one company’s products, while others can make recommendations from a selected range of providers and/or product solutions. But restricted advice needn’t be an inferior option. It’s simply designed to meet different customer needs, and you should carefully assess your own requirements before you make your mind up.

Whatever route you opt for, your adviser will explain up front which category their advice falls into, and any advice restriction that exists. Both types of adviser will have to meet the same standards of fairness and professionalism, and they must also ensure they have your best interests in mind.

The cost to review your retirement options will vary according to your circumstances and the adviser firm you choose. You should always shop around to ensure you get the right advice at a cost that suits your budget. Your adviser must explain up front how much their advice will cost, and how they charge, but the typical cost for a one-off task, such as turning a £100,000 pension pot into an annuity, is around £1,800 (Which? Financial advice investigation Feb 2014). There are usually three options to pay:

Pay an agreed amount directly to your adviser. Typically this would be in the form of a cheque or bank transfer.

• Pay a one-off amount for the advice
• Pay an ongoing amount for regular advice

You can choose:

• A one-off payment for your advice
• An ongoing amount for future advice
• Or a combination of these

You can choose a hybrid of these approaches and for example:

• Pay a one-off amount as a direct payment to your adviser
• And any ongoing amount as a charge payable from your investment funds

While many advisers offer comprehensive financial planning and can advise on all aspects of your financial needs, others specialise in a particular kind of advice, for example: investment advice, mortgage advice, insurance advice, retirement advice. You should make sure they have relevant experience and qualifications for what you need.

If you don’t have an adviser, you can use our adviser search tool. Simply enter your postcode to find a retirement planning specialist in your area.

Although Aegon is a listed provider with the advice firms on our adviser search tool, we’re not responsible for any advice they provide. We don’t receive any financial incentive for referrals. 

Alternatively, you can use the Money Advice Service's retirement adviser directory or unbiased.co.uk to find a wider range of advisers near you.

Pension Wise is a free and impartial government service that helps you understand what you can do with your pension savings. They'll help you make informed decisions by providing you with information and guidance, so you understand the options available.  Unlike financial advice, they won't recommend a particular product, or course of action. Whatever you decide to do, you should carefully assess your own requirements before you make your mind up. We would always recommend getting independent financial advice to help you choose.

Pension Wise is available to all aged 50 plus. They offer a single 45 minute conversation, either face to face or over the phone, as well as online information that will help you understand:

• your personal financial circumstances better
• the different retirement income options and their potential advantages, disadvantages and what this means for you
• the tax implications of each option
• what to think about when reviewing your retirement income options

Call - 0800 138 3944

Visit - pensionwise.gov.uk

Free expert guidance

Following pension freedoms, there's greater choice than ever before in how you access and take your retirement benefits.

This amount of choice though, can seem daunting, so where do you start? That's where our team of trained specialists, who have years of experience in retirement planning, can help.

Our Aegon Assist Associates are based in the UK and can guide you through your options using plain English.  They’ll also enable you to take advantage of the flexibility and choice available to you through the products we offer.

This service is free and allows you to make your own informed decisions, planning for the retirement you want. However we don’t provide advice, so if you're in any doubt, we recommend you seek financial advice, which you may need to pay for. 

We also suggest you visit Pension Wise, a free, impartial service from the Government for more information or shop around and consider other providers to get the best outcome for your retirement.

• Help to understand the options available to you when saving for retirement.
• Discuss your options and the flexibility and help you take your retirement benefits, from age 55.
• General guidance to help you make your own decisions and our expertise in Aegon products. We don’t cover all of the market and any products we discuss will be restricted to those offered by Aegon and our affiliated products.

As well as understating your choices at retirement, you may want to make it easier to keep track of your retirement savings.

Bringing together your existing pension pots could allow you to see everything in one place, reduce your paperwork and could save you money as you may currently be paying multiple fees and charges.

We can help you trace any pensions you may have with previous employers, however you should be aware that transferring might not always be the best thing for you. You should compare the benefits from your current pension with the estimated benefits of your new pension, including any guarantees and penalties. If you're unsure whether this is right for you or need advice, please speak to a financial adviser.