How to access pensions guidance and advice

It might be worth considering getting professional help in the form of impartial guidance or financial advice.

As a TPT member, you can access a new advice service, through Origen Financial Services. For £600, Origen offers two services for different stages of your retirement planning journey:

• Advice to help you review your retirement savings plans
• Advice to help you make decisions at the point of retirement

Each service includes a meeting with an adviser, a report with recommendations, and a follow-up call to discuss the report. The advice is entirely independent from TPT and will be based on your personal circumstances. TPT is not involved in the provision of the advice and does not accept any responsibility for the advice.

You can find your own financial adviser if you prefer. The MoneyHelper website contains a useful directory.

Here’s a summary of the kind of advice you might want to consider at different stages of your retirement planning.

When retirement is many years away

Ideally, you should be thinking about your pension as soon as you start your first job. The more you save, the better retirement income you will get. Many of us will be auto-enrolled, which is a good start, but you may need to contribute more than the minimum to achieve the lifestyle you hope for when you stop working. Some people who don’t automatically qualify for auto-enrolment need to opt in or set up a private pension.

There are plenty of resources to help you understand pensions and make smart financial decisions. These include:

• Financial pages in newspapers
• Online media resources (like Money Saving Expert or Which? Money)
• The government’s Money Helper website
• Charities, such as Citizen’s advice
• The TPT website
• Information available through your employer

As you get older, you might want to think about upping your savings – for instance when you get pay rises or a bonus from your employer. There are also other considerations, such as how to balance pensions saving with other priorities. The resources above are useful, but if you want recommendations tailored to your circumstances, Origen can help.

Consider seeking advice if you’re:

• Not sure how much you need to save
• Looking to make any changes to the way you invest

If you’re starting to think about retirement

Once you’re over 50, the government’s Pension Wise service is a great resource to help you think about what you want to do with your savings.

In fact, there are some situations where you must consider a free guidance appointment. This includes taking your pension savings or transferring them from TPT to another provider.

This means that we won’t be able to help you without a declaration form confirming that you have either received guidance following a Pension Wise appointment or opted out of the free guidance offer and notified us that you are opting out using the declaration form. A copy of the declaration form is included in the transfer or retirement pack that we’ll send you. If you would like us to book an appointment for you, you can call us. Alternatively, or if we are unable to book an appointment for you, you can book an appointment with Pension Wise directly on the MoneyHelper website or by calling 0800 138 3944.

Financial guidance can improve your understanding, and it’s free. However, bear in mind that Pension Wise will provide you with generic information, so it may be more of a starting point in your planning journey.

If you’re making detailed plans for retirement

A financial adviser can help you make the right choices. This is particularly important if you’re thinking about transferring pensions or if you need personalised advice on how to provide a retirement income from your savings.

If you’re already retired, a financial adviser can also help you to check that your income strategy is still right for you.

How the Origen financial advice process works:

1. Contact the Origen team – they’ll answer any initial questions before booking you an appointment
2. Complete an online financial questionnaire – to help the adviser understand your financial situation. It will include questions about your income, assets and liabilities, pensions, attitude to risk, health, family and future financial goals.
3. Meet with an Origen financial adviser - your first discussion will last between 45 minutes and one hour. Typically you’ll meet your adviser on the phone or on a video call. They will ensure you understand the options and you’ll be able to ask questions.
4. You’ll receive a personalised recommendation based on your circumstances. The report will include the reasons behind the recommendations and an overall summary of your financial position.
5. You’ll have a follow-up call with your adviser to talk through their recommendations and ask further questions. You may need to fill out some paperwork – your adviser can help you complete this.
6. Ongoing review to make sure your plans stay on track - For an additional cost, you’ll have the option of taking up Origen’s ongoing review service.

Find out more about financial advice and the Origen Financial Advice Service here.

You can find your own financial adviser if you prefer. The MoneyHelper website contains a useful directory.