Independent financial advisers are authorised to give you advice and recommend pension products and investment options that are suitable for you and your particular circumstances.
The MoneyHelper website provides help on how to choose an independent financial adviser.
Here are some of the things that you should think about when choosing a financial adviser:
- the level of experience that the adviser has, particularly in the areas where you think you need help and advice
- do the typical clients that the adviser looks after have similar needs to yours?
- do they recommend products from the whole market or are they tied to one or a small number of providers?
- do you understand what the adviser will charge for their services and can you afford to pay those charges?
- If you are required to take independent financial advice in relation to a pension transfer, that adviser must be qualified to give specific advice on pension transfers and be registered with the Financial Conduct Authority (FCA). An appointed representative can also give this advice, providing the financial adviser they represent has the appropriate permissions. It is important that you make sure this applies to your chosen adviser or appointed representative before you agree to receive advice from them. See the Freedom and Choice page for more information about when you will need to take advice in relation to a pension transfer.
- Check the FCA’s Financial Services Register to make sure that your chosen adviser is authorised to give you financial advice.
Please do not ask your LGPS pension fund to advise you. They can provide you with information about your pension and your options but they are not financial advisers. They are not qualified to provide financial advice and they are not authorised by the FCA to give advice.
It is important that all pension scheme members remain vigilant about pension scams. Visit the Pension scams page to find out more about scams, how to spot them and how to protect yourself.