Where can we find a truly independent person to advise on our pension?

[TeapotCollection]

My husband is nearly 55 and we’re starting to wonder what we should do with his pension. We’re totally clueless between us, the only thing we know is that we’d like some out of it to pay our mortgage off

What type of pension does he have?

Most IFAs will probably advise taking the 25% tax free part, regardless of what you do with the rest.

For the rest, you can buy an annuity for life, or alternatively use draw down.

An annuity is basically a type of reverse insurance. The money is guaranteed to last as long as he lives.

This can be level, rising with inflation, guaranteed for so many years, widows pension afterwards

Basically the more guarantees you want the lower the initial payment.

You don't have to buy the annuity from the firm that built up the fund.

Obviously if you have a final salary public sector type pension it is a whole different thing.

You need to look for an IFA. Not one tied to bank or estate agent etc. All ifas are heavily regulated so it would be tricky to find one that isn't reliable. My husband is one

Thank you all, very helpful

I don’t know what kind of pension it is (!)

No final salary or public sector involved

You shouldn’t be taking the most important financial advice of your life from people online whom you don’t know. They can give you ideas but you need to consult a financial adviser from a reputable company. Look at the website VouchedFor and you will find those who have been recommended in your area. You won’t be charged for a consultation so you could always speak to two and compare their advice.

Yes that’s exactly what I’m after - finding someone who is truly independent to advise us. I’ll have a look at that site, thank you

Find a Certified Financial Planner, they are highly qualified.

Word of mouth is a good place to start.

One thing I would say is that don't rely 100per cent on an IFA or planner, take time to educate yourself.

There are lots of ways to cut up the pensions pie, so have a think about what your lifestyle aims are and be very mindful of investment charges (including you r adviser's charges).

I am no expert by any means, but know a lot more now than I did a few years ago.

First of all, find out what sort of pensions you have and where they are invested, look at sites like Money Magpie, Money Saving Expert and have a free consultation with the government's Pension Wise service (pensionwise.gov.uk) before you see an adviser.
In my experience (and I found this out the hard and expensive way), some advisers (even if regulated ) are ultimately driven by the commission they will make rather than treating you holistically. I haven't had experience of financial planners though and that might be a better option for you - someone who can look at your whole situation not just investments.

There's a very good podcast called Retirement Answers Man too - it's American, so don't use it for financial and pensions planning, but there's lots of great advice about how to approach this stage of life.

The meaningful money podcast talks alot about pensions. Worth a listen so you know what you need to think about when you find someone. meaningfulmoney.tv/mmpodcast/

start with pensionwise as detailed above. They can give you lots of things to think about. They don't give investment advice.

free service so no ulterior motive.

I started with the government website and then got more free advice from on of their advisors

www.pensionwise.gov.uk/en/financial-advice

What’s the difference between a certified financial planner and an IFA?

@Rainallnight

What’s the difference between a certified financial planner and an IFA?

Below is a blog which explains it. They both do broadly the same thing from what I can tell, but the planner takes a longer-term view depending on your goals. As I said upthread though, educating yourself as much as you can is the best thing you can do, then take advice from a position of more knowledge. frazerjames.co.uk/financial-advisor-financial-planner-the-difference/