How to choose a pension adviser
A pension adviser should fit the decision you are making, not simply have 'pensions' somewhere on a services page.
Explore retirement and pension advice →
Start with the pension decision
Consolidation, retirement income, drawdown, annuities and defined benefit transfers can involve very different advice needs. Define the problem before comparing advisers.
Ask about relevant experience
Check regulation and scope
Verify the adviser or firm on the FCA Register and understand whether the advice is independent or restricted where relevant to the service.
Compare fees in pounds
Ask for year-one and ongoing cash amounts and distinguish adviser charges from platform and investment costs.
Match experience to the pension problem
Tell firms whether the question concerns contributions, retirement income, a transfer, a specific occupational scheme or several interacting pensions. Ask how often the adviser handles that type of work and what information they would need before recommending anything.
Check who performs specialist work. A firm providing ordinary pension planning may not have the permissions or competence required for a particular transfer. Ask for a clear division of responsibility if another firm will be involved, including how the combined cost is disclosed.
Give the same brief to the firms you compare. Include the scheme types, approximate values or promised benefits, intended retirement timing and practical meeting needs. A quote for investment management alone is not equivalent to a household retirement-income plan.
Test the approach to existing arrangements
Ask how the adviser compares retaining a pension with moving it. A good assessment identifies existing benefits, restrictions and charges before selecting a destination. The conclusion may be to leave some schemes alone.
In an illustrative case, a reader has an active workplace pension, an old personal pension and a defined benefit entitlement. Ask how the adviser would investigate each and coordinate the resulting income. Treating all three as one transferable pot would miss material differences.
Request an explanation of how the household's spending, other income and risks will be assessed. A pension plan that considers only the account value may overlook a partner's pension, debts or money needed before pension access.
Agree the output, price and review responsibility
Ask whether you receive a written recommendation, cashflow scenarios, provider comparisons and implementation support. Establish the fee if the recommendation is no change, and whether ongoing advice is optional or part of the proposed service.
For retirement income, ask how withdrawals and changed circumstances will be reviewed. For one-off work, identify what you must monitor afterwards. If the firm uses projections, request the assumptions and an explanation of uncertainty rather than a single promised outcome.
Verify the legal firm and genuine contact details independently. Then read the engagement terms before providing transaction authority. Relevant pension experience, clear responsibility and a service you understand are more useful than choosing on a broad retirement-specialist slogan.
Sources and further reading
MoneyHelper - Find a retirement adviser ↗
FCA - Financial Services Register ↗
FCA: checking a firm or individual ↗
FCA: considering a defined benefit pension transfer ↗
