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To help you decide on the best option for you, you may find it useful to talk to a retirement specialist.

There are two main options available to you, guidance and advice.

What is guidance?

Guidance provides you with general information about the retirement options that are available to you, like a regular income for life (an annuity), taking cash when you need it (drawdown), taking your pension account as cash in one go or in stages or a mix-and-match of the above. Guidance also provides you with information about State Pension and tax.

Guidance is designed to help you better understand your options so you can make an informed decision. Guidance does not:

  • Give you a specific recommendation of how to use your pension account.

  • Provide you with financial advice or consider your wider financial position, including any other savings.

  • Implement your chosen option – you are responsible for completing and returning the relevant paperwork to set up your pension benefits.

  • Talk through the providers available for the different retirement options.

Getting free guidance from Pension Wise

As long as you are over 50 years old, you can have a free guidance call of up to an hour with a pension specialist from Pension Wise, a service that is provided by the Government.

To book your appointment, please call Pension Wise on 0800 138 3944 between 8am to 8pm, Monday to Friday. They will send you an email confirmation of your booking.

Or you can book an appointment online here.

What is financial advice?

Unlike guidance, by taking financial advice on your retirement options, you’ll receive a specific recommendation on the most suitable option for you, based on your own personal circumstances and financial situation.

This advice must be provided by a person who is appropriately regulated by the Financial Conduct Authority (FCA).

Why you might want to take financial advice?

While the decision on whether to take financial advice is a personal one, there are some circumstances in particular where taking advice, instead of, or in addition to, guidance, may be appropriate, for example:

  • You have a large pension account.

  • You expect to be affected by the Lifetime Allowance (retirement savings above this amount incur additional tax charges). For most people, this is currently £1.055m for the 2019/20 tax year.

  • You have complex income requirements in retirement.

  • You currently live overseas or you are planning to move abroad.

  • You have significant other assets outside of your pension arrangement (excluding your own home).

  • You are in serious ill-health.

  • You have complex debts to manage.

Where can I find a financial adviser?

You can find a financial adviser on vouchedfor.co.uk

Who pays for financial advice?

You will be responsible for meeting the costs of financial advice. Your financial adviser should provide you with an estimate of their costs before they start the advice process.

What does my adviser need to know?

To tailor their advice to you, you’ll need to provide your adviser with information on:

  • Your current finances (for example, debts, income, outgoings, savings).

  • Details of your DHL pension account and any other retirement savings you have.

  • Your health and lifestyle.

  • Your plans for retirement.

  • Your dependants.