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Planning for retirement can feel daunting, and with more choice than ever, it’s important to understand your options before deciding what’s best for you.
Explore the topics below to understand the importance of getting financial advice, how it works, and how to find the support that’s right for you:
How can a financial adviser help me?
A financial adviser will ask you about your finances, your personal circumstances, your future plans and how you feel about taking risks with your money.
They can help you decide how to use your pension pot to provide you with an income when you retire and help you choose the right options for you, based on your individual needs.
Types of financial advice
There are two main types of advice that you should consider.
- Independent – An independent financial adviser (IFA) offers unbiased, whole‑of‑market financial guidance, helping you compare products from a wide range of providers.
- Restricted – Restricted advisers can only give advice on certain products or providers, so their recommendations come from a more limited range of options.
When should I see a financial adviser?
You can speak to a financial adviser at any stage — whether you're still working and saving, or getting closer to retirement.
But we'd always recommend getting financial advice before deciding what to do with your pension.
You might find it helpful to begin early conversations with an adviser when you're still saving. They can help guide you to ensure you’re on track for the retirement you want.
Or, you might hold off until you're closer to retirement when you need help deciding what options are best suited to your needs.
How do I choose a financial adviser?
Start by deciding what kind of retirement advice you need - such as pension planning, tax-efficient strategies, or income options for later life.
If you don’t already have an adviser, you can search for qualified professionals at unbiased.co.uk. This platform lets you compare advisers based on expertise, location, and fees, so you can choose the best fit for your needs.
Will I have to pay for financial advice?
You’ll need to pay for financial advice. The cost can vary depending on the adviser and the type of advice you choose. Before you proceed, your adviser must clearly explain how much the advice will cost, what the fee covers, and any additional charges for products or services they recommend.
To get the best value, agree on the type of advice you need upfront and compare fees from different advisers before committing.
Getting financial advice
If you don't already have an adviser, you could speak to M&G Advice. It takes just three minutes to book a no-obligation, initial chat. It’s a great way to explore how we could help.
