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Oct 06

Why you should use a financial advisor to review your pensions

Reading Time: 2 mins

The UK retirement age was just raised to 66 years old. The pensions landscape has changed drastically over the past 15 years, with greater choice and control for your work and private pensions. 

With this increased choice and accessibility, it can be difficult to know what your options are, how much you need to save for retirement and how and when to access your pension pot?

That’s where an independent financial advisor comes in. A regulated, independent financial advisor can advise you on the best way to save for your retirement. 


What can a financial advisor help you with?

Financial advisors usually work for organisations such as Portafina or work on a self-employed basis. If you have a personal or workplace pension then a financial advisor can assist you with: 

  • Understanding and managing risk
  • Set retirement savings goals
  • Avoid common mistakes
  • Advice on costs 
  • Inform you of any changes to financial regulations
  • Assist you in the most tax-efficient way to access your pension


The importance of financial planning

Financial planning isn’t just for those with a lot of wealth. Everyone can benefit from advice to help them plan their finances throughout their life. 

Independent financial advisors can help you invest your money wisely and navigate the complicated financial landscape.  They can also keep you focused on the long term. Retirement can last 30 years.


When is the best time to consult and financial advisor? 

It’s never too early to get advice on your pension. As soon as you begin your career and start contributing to your workplace or private pension, then a financial advisor can get you off to the best start. You can benefit from advice at any time in the run up to your retirement. 

Reasons to get your pensions reviewed include: 

  • When you are ready to choose a pension product
  • If you’re looking to consolidate multiple pensions into one
  • Looking to retire
  • If you want to ensure the best returns on your money
  • To understand and reduce risks
  • How to access your funds in the most tax-efficient way
  • Estate planning


How much does a financial advisor cost? 

Independent financial advisors aren’t tied to particular products or services, meaning that they can give you impartial advice on a range of pensions and investments. The fees charged by a financial advisor will depend on the type and depth of advice needed. 

Studies have shown that using a financial advisor can make you better off financially over the longer term. 



Your retirement planning is too important to get wrong. A financial advisor can give you the very best chance of maximising your investment and give you a better standard of living in retirement. In addition to advising you on your pensions, they can also look at any other financial investments too, giving you a holistic view of your financial planning. Always use a regulated, experienced, independent financial advisor to ensure that you are getting the best advice possible. 


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