Pension Wise vs a financial adviser: what is the difference?
Pension Wise explains your defined contribution pension options. A regulated adviser can make a personalised recommendation about what you should do.
What Pension Wise does
Pension Wise is a free, impartial service backed by government. Eligible people can use it to understand ways of taking money from a UK defined contribution pension, how options are usually taxed and common pension scams.
What a financial adviser adds
A regulated retirement adviser can look at your wider finances, goals and circumstances and recommend a personal course of action. They can also recommend suitable products or services where appropriate.
You can use both
MoneyHelper notes that free guidance and paid advice can be combined. A Pension Wise appointment can help you understand the vocabulary and options before an adviser builds a personal recommendation.
Which one do you need?
If you mainly need to understand pension options, guidance may be enough to start. If you want someone to tell you what is suitable for your specific retirement plan, regulated advice is the relevant service.