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Your guidance and advice options

Choosing what to do with your pension savings at retirement is a big decision and it’s often possible to get more for your money by shopping around. You may need some help – either guidance or professional advice.

Explore your retirement options

 

1. Do your homework

Get together all the facts about your pension savings.

Make sure you have a good idea of how much you have in your pot(s) – check your pot with us in your Online Account »

Explore all of the different ways you can take your pension savings – learn about how you can take your pension money with The People’s Pension »

If you have pension savings invested in the TUTMAN B&CE Contracted-out Pension, your savings are still invested and accessible – but you might need to transfer them to another pension scheme or provider to take the option you want – such as The People’s Pension.

If you have Lump Sum Retirement Benefit with B&CE, you’ll get a tax-free lump sum payment when you’re 65.


 

2. Get free guidance

As well as doing your own research, it’s important to get guidance about the different options you could choose.

Guidance explains the basics about retirement and sets out your options. But it won’t recommend what’s best for you.

Guidance is free. And it comes in different forms – a reliable website, a leaflet, or a chat with someone face-to-face or on the phone.

How to get guidance

Contact Pension Wise – a free and impartial government service. 


 

3. Consider getting advice

Maybe you’ve done your research but you still have some unanswered questions. A financial adviser could help.

Advice can give you a detailed recommendation about the best option to suit your individual circumstances.

There’s normally a fee for financial advice like this, but how much you’re charged will depend on where you go to get advice…

How to get advice

Talk to your financial adviser – and/or find a financial adviser specialising in retirement planning at Unbiased or Money Advice Service.
Be aware of what type of advice you’re getting – is it ‘restricted‘ or ‘independent‘? Learn more from Pension Wise


 

4. Make sure you understand the tax implications

When deciding which option is best for you, you’ll need to think about the tax implications of each option.

You might want to get expert financial advice to help you understand how much tax you’ll pay.

You can learn more about tax and getting advice on the Pension Wise website.