LV= uses cookies to give you the best experience online and to provide anonymised, aggregated site usage data. You can find out what cookies we use and how you can disable them in our Cookie Policy. By continuing to use our website, you agree to our use of cookies in accordance with our cookie policy unless you have disabled them.

skip to main content

Retirement advice

Call us for a free chat on 0800 032 9301

Lines open: 8.30am to 6pm Monday to Friday

Why get retirement advice

With more choice than ever before on how to use your pension savings in retirement, it's never been more important to get advice on the options available to you. Making the wrong decision now could mean you've less to live on in the future.

Luckily, our excellent team of pension specialists are here to help you, with fully regulated advice which you can trust is given in your best interests.

Our "safety first" approach means we always err on the side of caution, and will only make recommendations which we believe are right for you and your unique circumstances.

What are the benefits of advice?

Getting advice on your pension could see you significantly better off. By taking advice on your pension, you will be able to:

  • Get the best option or combination of options for your needs. Since the pension reforms, you now have more options than ever before on how to use your pension savings in retirement. Speaking to an adviser will help you understand the choices available and find the right one for you.
  • Maximise your pension savings. If some of your pension savings remain invested, a pension specialist will be able to manage the investment to maximise its growth at a risk level you are comfortable with.
  • Regularly review your retirement to keep you on track. Annual reviews will help you track investment performance and make changes to risk levels, allowing your funds the opportunity to grow.

On top of all this, a pension specialist will get to know you and find out what you want your retirement to look like, and shape your options to help you meet your goals and enjoy a safe, secure retirement.

What is the difference between advice and guidance?

Advice is given by a professional adviser such as IFAs, financial planners, wealth managers and pension specialists. Advice is regulated by the FCA, protecting you from negligent advice and will give you tailored recommendations for your individual circumstances and ensure that the best option or combination of options for your circumstances is found, even if this goes against what you originally thought to be the best decision for you. Taking advice usually costs money.

Guidance gives a general overview of the options available on the market for free by highly trained specialists. Guidance services won't tell you what to do with your money and you will need to research the market to find the right products and providers to suit your needs and preferences. There's no protection available, but taking guidance is a good place to start to help you understand the various choices available.

What protection does advice offer me?

By taking advice the full picture of your pensions and any special inclusions which enhance your retirement can remain protected. For example ‘safeguarded benefits’ like higher income for the rest of your life or a higher amount of tax free cash may have an effect on the options available to you. A pension specialist is well placed to highlight these benefits to you in a clear and concise way.

In addition, by taking advice you are protected as a ‘retail client’. Retail clients are considered as the most vulnerable, so having financial advice means that you are protected by the FCA from receiving bad advice which may harm your finances. Find out more about how the FCA protects you, your rights and how to complain on the FCA website.

How much does getting advice cost?

We strongly believe that our members get the best outcome having spoken to our Pension Specialists. We do not ask for an upfront fee for our advice, this is provided at our cost.

What we do ask for is 45 minutes to an hour of your time, and during which we will explore your financial circumstances and establish a good understanding of your needs, objectives and priorities for your retirement. Once we have a good understanding of your situation, we will endeavour to provide a solution that will meet your short term objectives as well as protecting your long term needs.

We will provide you with a suitability letter outlining our thoughts and highlighting any risks to your retirement. If you agree with our recommendations and would like to proceed, you will be charged a fee to transact. Your Pension Specialist will be able to discuss this in more detail.

You can pay for advice in cash, or straight from your pension savings - making receiving advice achievable even if you don’t have the money in the bank. Don’t forget, the Pension Advice Allowance could release up to £1,500 tax free from your pension pots to help towards the cost of advice.

I want to combine or transfer my pension pots - do I need advice?

We can advise you on whether combining or consolidating your pension pots would be in your best interest. To do this we will review your current pension charges, past performance and risk profile to make an assessment.

You can transfer your defined benefit pension to a defined contribution pension but new regulations mean you must receive financial advice before scheme administrators will allow you to transfer any defined benefit pensions with a cash equivalent transfer value of £30,000 or more, and will require confirmation from a financial adviser that advice has been given before transferring any funds.

Take the next step

Start your conversion with a pension specialist today by telling us about:

Image alt text
  • Your current pension pots
  • Any contributions you're making
  • How much you've already saved

How retirement advice can help you

Blue icon of a laptop

We can help you access your money from all types of pensions, including final salary

Blue icon of notepad with a tick

Our pension specialists are on your side. We'll shop around to ensure any recommendations we make are in your best interests

Blue icon of 3 sliders

Get a clear picture of your financial health and how you can save money

Blue icon of ribbon

You'll only pay for our offline advice service if you decide to go ahead with our recommendations

Blue icon of a magnifying glass

We will create a retirement plan with your goals at the core

Blue icon of piggy bank

We can review your pensions each year to make sure it's reaching its full potential

Blue and grey icon of chat bubbles

A free one-on-one consultation to clarify your retirement goals

Blue icon of a heart

LV= Membership, giving you access to exclusive benefits and discounts

Have a commitment free chat with a Pension Specialist

Call us on 0800 032 9301

TextDirect: First dial 18001

Lines open: 9am to 6pm Monday to Friday. We may record and/or monitor calls for training and audit purposes.

Start your conversation with a pension specialist today by telling us about:

  • Your current pension pots
  • Any contributions you're making
  • How much you've already saved

Customer reviews

Read impartial reviews from real customers on how they feel about our advice service.

Why LV=?

Find out more about LV=, our awards and why you can trust us with your financial future.

Retirement Wizard

Get regulated advice online with Retirement Wizard.