Guidance is a helping hand. It will help you ask the right questions and work out what your options are. But it won’t recommend a plan of action. It’s usually free (always a plus!) so can be the first step you need to get on your way.
We would always recommend that you get some guidance or advice when you’re deciding how to take your Citi Pension savings.
Aren't guidance and advice the same thing?
It’s a fair question, but like most things pension-related, it’s more complicated than that.
Think of it like this:
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Advice is more hands on. Advisers provide a recommended approach based on your circumstances and your plans. Because of that personalised approach, advice costs money – sometimes quite a bit – but it can be well worth it in the long run.
A helping hand
When it comes to guidance, we would recommend starting with an independent and impartial service like PensionWise or the Money Advice Service, both of which come under the Government’s Money and Pensions Service.
Hands on
An adviser will help you work out what’s right for you. They’re regulated by the Financial Conduct Authority, so they have to follow strict rules when they give you advice. Make sure you check that they’re registered before you start planning.
An adviser will ask you plenty of questions about your finances and what you’ve got planned, so make sure you ask them questions too.
Here are some things you could ask. It’s worth doing a little research before too, to help you know what you’re looking for in their responses:
- What are your charges and how are these paid?
- Are you independent?
- What have you recommended for people like me in the past?
- Could you give me some examples of options available to me?
- What will you need from me to help you advise on my situation?
If you find someone you like, see if you can find reviews and feedback on the individual/firm. Treat it like you would with any other service you’re thinking of purchasing, and don’t be afraid to take your time and ask questions.
Dont just take our word for it