An independent financial adviser (IFA) who’s authorised by the Financial Conduct Authority (FCA) can help you consider the bigger picture and give you advice about the best choices to make.
When you might need more than guidance
Whether you’re deciding how much to pay in, how to invest your DC savings or how to access your savings when you’re ready, there’s plenty of help and support available about the DC Plan.
But sometimes, you may be looking for a bit more than being guided in the right direction. You may also want help about a broader range of financial topics, including other pension arrangements. That’s where financial advice comes in.
You’ll need to pay for financial advice, so make sure you check their terms and fees. If you want, you can take up to £500 each tax year from your DC savings to put towards the cost of regulated advice. This is called the Pensions Advice Allowance.
You can make up to 3 withdrawals (so, £1,500 in total). There are no age restrictions, so you can take advice whenever it suits your circumstances (although £500 is the most you can withdraw in a tax year).
ITV Pensions can let you know more if you’re interested.
