The government has recognised that while pension freedom has introduced greater flexibility around retirement planning options, it has also brought more responsibility and complicated choices. For example, which pension provider should you use, how to invest your pension fund, how does income drawdown work.
To address these concerns, the government has established the Pension Advisory Service (TPAS) to provide free and impartial guidance to members of the public who have retired or who are approaching retirement.
Retirement planning with the Pension Advisory Service
The Pensions Advisory Service (TPAS) is an independent pension advice service offered by the Money and Pension Service. It is sponsored by the Department for Work and Pensions (DWP).
TPAS provides help and guidance on personal and workplace pensions schemes as well as the State pension. This service is available to members of the public who are approaching retirement or who have retired and is free of charge.
While TPAS is there to help you make decisions about your pension and retirement plans, the information and guidance offered cannot be construed as regulated financial advice.
In effect, TPAS cannot tell you which pension choice you should make, but they will guide you through some of the issues you need to take into account, the pros and cons of different investment products and the implications of any decision you take.
Free retirement planning consultation with PensionWise
In addition to the Pension Advisory Service, the government also offers a free and impartial retirement planning consultation through PensionWise. For more information on booking your appointment, please click here.
Making a complaint about the way your pension was handled
If you are dissatisfied with the way your pension arrangements have been handled and you believe you have suffered a financial loss because of poor advice, an unsuitable choice of products, or you have received incorrect or misleading information, then you can file a complaint.
If you used a financial adviser who was authorised and regulated by the Financial Conduct Authority (FCA), then you can make a complaint to the adviser, in the first instance, by following their client complaint procedures.
If the response you receive is unsatisfactory, and the adviser is regulated and authorised by the FCA then you can file a complaint with the Financial Ombudsman.
If you received financial advice from a solicitor or accountant authorised by the FCA to give financial advice, then you may need to make your complaint to the professional body regulating them.
If you have taken financial advice from someone who is not authorised and regulated by the FCA then you may need to contact the Financial Ombudsman or the Financial Conduct Authority to understand what your options are.
Please note that you cannot file a complaint if your investment has simply not performed as well as you had expected.
Finding a lost pension
If you believe you may have been in a workplace pension or had taken out a personal pension at some point but are unable to remember all the details; then you could potentially track down the scheme by using the Pension Tracing Service.
Choosing a financial adviser
If you decide you would like independent advice on retirement planning, then please click here for more information on choosing a regulated financial adviser.
