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Pension advice

Call us for a free chat on 0800 032 9301

Lines open: 8.30am to 6pm Monday to Friday

Pension advice

Keeping track of your pensions can be difficult. Our pension specialists can help track your pensions for free and offer valuable advice to help you get the best from your savings, so you can enjoy more income later in life, or retire earlier.

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:

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

What we do for you

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Bring your pensions into one easy to manage plan

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We'll shop around and use investment funds suited to your needs, pushing your pension to reach targets over the years

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

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Ongoing access to our experienced expert advisers

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We'll do the leg work and track down your existing pensions for free

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We could save you money with annual fees from 0.49%

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

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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: 8.30am 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

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Why LV=?

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

Pension Specialists

Whether you're saving for the future or ready to retire, we're here every step of the way.