How Financial Advice Can Help You Save, Invest, and Build a Pension

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Effectively managing your finances is crucial for ensuring a comfortable retirement. From setting up a pension to optimising your savings and investments, professional financial advice can be pivotal in helping you prepare for later life. This article explores the benefits of engaging with a financial adviser at various stages of building your pension.

Starting a Pension: Why Consider Financial Advice?

If you are employed, you’re likely enrolled in a workplace pension automatically. While you may not need financial advice to begin this process, engaging with a financial adviser can provide significant advantages, especially if you are a high earner or have other pension schemes like a self-invested personal pension (SIPP).

A financial advisor can offer valuable insights into the complexities of different pension schemes, helping you to maximise your contributions and sidestep common financial pitfalls. For those without a workplace pension, setting up a personal pension is essential unless you plan to depend solely on a partner’s pension—a strategy that carries risks, particularly if the relationship dissolves. The state pension alone often does not suffice for most people’s retirement needs.

Consulting a financial advisor can help you understand and manage investment risks, select diverse investment options, and optimise your tax benefits. These steps are crucial for growing your pension effectively and ensuring it supports your needs when you retire.

Managing Your Pension with Expert Advice

Deciding whether to manage your pension yourself or to seek professional help can significantly affect the growth and security of your retirement funds. Employing a financial advisor for pension management comes with several benefits:

  • Flexibility in Fund Management: Advisers can tailor your investment strategy to better respond to changing market conditions and personal financial changes.
  • Investment Reviews: Financial advisors regularly review your investments to ensure they are aligned with optimal opportunities and adjust strategies as necessary to maximise your pension’s growth.
  • Confidence and Reassurance: Knowing that an expert is managing your investments can provide peace of mind, confirming that your retirement savings are in good hands.

The Need for Advice on Pension Transfers

Transferring a pension, whether from one personal scheme to another or from a defined benefit to a defined contribution scheme, usually requires expert advice. This is especially true for pensions valued over £30,000, as UK law mandates that you seek professional financial advice before proceeding. An adviser will evaluate the risks involved, such as potential market downturns or the implications of withdrawing funds too quickly, ensuring that any transfer is in your best financial interest.

Financial advisers bear a significant responsibility and liability when recommending pension transfers, taking into account long-term outcomes and potential risks to your financial security.

Key Questions for Pension Consolidation

If you’re considering consolidating your pensions—perhaps due to changing jobs or to simplify your finances—there are several important questions to discuss with your financial adviser:

  1. Costs: Will the new pension scheme be more cost-effective regarding management fees than your current one?
  2. Consolidation Benefits: Is it beneficial to consolidate all your assets into a single pot?
  3. Transfer Fees: Are there any costs associated with transferring your pensions?
  4. Loss of Benefits: Could you lose any valuable guaranteed benefits by moving your pensions?
  5. Investment Suitability: Are the investments in the new pension scheme suitable given your risk tolerance?
  6. Ongoing Advice Needs: Will you require ongoing financial advice to manage your consolidated pension effectively? Pension consolidation advice is available. If you hold a Defined Benefit Pension Scheme or Defined Contribution pension with a guaranteed minimum pension or income, any advice you receive will be through a dedicated referral advice service and a specialist within our network.


Engaging with a financial adviser can transform how you save, invest, and plan for retirement. From initial pension setup to complex decisions about transfers or consolidations, professional advice ensures that your financial decisions are well-informed and strategically sound. A financial advisor not only helps you make the most of your financial resources but also offers the assurance that your retirement planning is thorough and forward-thinking.

Please get in touch for further advice and support.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

Approved by The Openwork Partnership on 7th May 2024

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