A guide to finding the best pension advice

Currently, 15 million people are not saving enough for retirement, according to a report by the Pensions Commission. It’s a staggering number that exposes how many working-age adults are financially vulnerable, particularly the self-employed, among whom just 4% are saving for life after work.

Updated: 07.08.26

By Brendan Tinney

This content was factually correct when written but may not reflect current developments or information.

But, as the pensions market can seem complex to understand due to new products and the drawdown options available, it’s arguably more important than ever to seek retirement planning advice. To help you navigate how to make sure your pension meets your retirement goals, we look at how to find an Independent Financial Adviser (IFA) who can help you navigate your options and plan for retirement.

Is it worth paying for professional pension advice?

Despite the increased availability of pension products and options, many working-age adults are not saving enough, if any, money for the future, leaving them potentially worse off at retirement compared to today’s retirees. Many individuals feel that the State will step in, or simply that it is a ‘future me’ problem, without realising that potentially small changes made today can make huge differences in the future. But independent financial advice can put you on the right path and help you successfully plan for your future; after all, time is the most crucial factor in compound growth, and your future self will thank you.

There’s no avoiding the fact that seeking professional advice comes at a cost. That said, the financial value of that insight can outweigh an IFA’s fee by:

Helping you put a financial plan in place during your working life that will reflect your retirement goals.
Preventing you from making costly mistakes, such as drawing down a pension incorrectly.
Maximising tax efficiency so that you don’t fall into the higher income tax bracket when you make a pension withdrawal.
Helping to improve investment returns through risk assessment and diversification.

What’s the difference between free guidance and regulated advice?

Free guidance is readily available online from sites such as MoneyHelper, Pension Wise, and our own financial planning hub at Alan Boswell Financial Planners. These offer general guidance and help explain what your options are, but they cannot give you specific advice based on your circumstances. Free advice is also not regulated, so if you act on information provided and don’t get the outcome you expect, it’s unlikely that a complaint to the Financial Ombudsman Service would be upheld.

On the other hand, regulated advice from a financial adviser is bespoke, taking into account your circumstances and financial goals. A financial adviser is also legally responsible for the advice they give you and will often recommend specific products that they believe will help you achieve your aims.

Financial advisers provide a regulated service and must be authorised by the Financial Conduct Authority to give advice; this also means they must work to certain professional standards. If you’re looking for a financial adviser, always check they’re listed on the Financial Services Register. It’s also important to check that an adviser is authorised to give you the advice you’ve asked for. For example, someone might be authorised to give you pensions advice, but they might not be authorised to sell you insurance products.

Also bear in mind that while an accountant is authorised to provide advice on tax and manage tax returns, they cannot give you pensions or wealth management advice unless they are also authorised to do so by the Financial Conduct Authority.

What’s the difference between restricted advisers and independent financial advisers (IFAs)?

Restricted advisers are still fully qualified and regulated, but they can only recommend products from certain providers. For example, your bank may offer a financial advice service, but the adviser may be restricted to offering products and solutions provided by the bank or by a specific provider.

On the other hand, an independent financial adviser isn’t tied to a specific provider and provides unbiased advice based on your circumstances and goals. This means they’re able to provide the most comprehensive advice and can utilise the entire pension planning market to find schemes and products that fit your needs exactly.

How much does a pension adviser cost in the UK?

Different organisations charge fees for pension advice in different ways. You should always be told what the fees are and how they are structured before you sign up for any services.

Broadly speaking, the types of fees you’re likely to come across include:

An initial fee – for example, if you’re consolidating pensions or setting up a drawdown plan.
Ongoing management fee – for the continued monitoring of investments or annual reviews.

The way these fees are likely to be structured include:

Fixed fees – a flat fee that considers the complexity of the work and the likely time required to research and make recommendations, as well as process the work afterwards.
Percentage-based fees – a percentage of the assets being advised on or reviewed.
Hourly rates – where the amount charged depends on the length of time the work takes and how senior or experienced the adviser is.

At Alan Boswell Financial Planners, our 2026 charges are:

Initial fees:
- £3,500 for tailored pensions advice that covers your options at retirement.
- £2,750 to switch a personal pension plan.
Ongoing management fees of up to 0.75% of assets under review.

We may also apply an additional implementation/risk fee when dealing with complex products. We will always make clear how much the proposed work will cost before going ahead.

You can find further information on our service and fee structure here.

Warning signs when choosing a financial adviser

A financial adviser can have a big impact on your financial future, so it’s crucial to find one that you trust and feel comfortable sharing information with. When you’re considering IFAs, red flags to watch out for include:

Not FCA regulated – financial advisers must be authorised to give you advice, so always check they are listed on the Financial Services Register. If they are on the register, check they are authorised to give you the advice you’re looking for (for example, pensions advice).
Offering you ‘guaranteed’ high returns – when it comes to investments, there is no such thing as a guaranteed return. High returns cannot be guaranteed either. Promises that seem too good to be true often are, and it’s likely to be a scam.
Lack of transparency over fees – reputable advisers work to high professional standards and will always be upfront about what they charge. Before you agree to any work, always check what it will cost.
Pushing you for decisions – good advisers take time to understand your goals and circumstances before they start to explore pension products. They’ll also explain your options and won’t push you to make instant decisions.
Lack of reviews or online presence – most reputable firms and advisers will have a professional website that explains their services, and they may also outline fees. Their website should also tell you that they’re regulated and authorised to provide advice.
Lack of transparency over products – your adviser should tell you whether they’re restricted or offer independent advice.

How to prepare for a meeting with a pension adviser

You’ll get more out of your first meeting if you plan ahead and consider:

Your goals

Setting your retirement goals is the first step towards planning your retirement. Some of the questions you’ll need to ask yourself are:

When do I plan to retire? This will let you know how many years you’ve got to save and give you a rough idea of how long those savings need to last. For example, if you retire at 55 (currently the earliest age you can access your pension pot), you’re likely to need a bigger pension pot than if you plan to keep working until you’re 70. Working longer also gives you more time to contribute.
What kind of lifestyle do I want in retirement? Consider what you want to do in retirement, as this will dictate how much you need to save to afford the life you want. Remember that your priorities and requirements may change as you get older, so it’s better to overestimate how much you’ll need than to underestimate. You may want to start by reviewing Pensions UK’s guidance on potential spending in retirement based on different lifestyles.
Will I need a flexible income? Would you like an income that can vary at different stages of your life? For example, you may want to spend more in your early retirement years before reducing spending.

Gather your paperwork

If you’ve got any existing workplace or private pensions, bring any paperwork you have for them. If you’re contributing to a workplace pension, check its performance history and returns so far. If it has a good history, it could be worth considering increasing your contribution.

Also, remember to check your State Pension age and your National Insurance (NI) contributions. You need to have 35 qualifying years of NI contributions to receive the full State Pension.

Assess your risk tolerance

Contributions to pensions are usually invested in funds, the value of which can go down as well as up. If you decide to invest money in an investment fund, you’ll need to decide on the level of risk you are prepared to take. Higher-risk funds have greater potential for gains but also greater potential for larger losses.

It’s worth bearing in mind that your tolerance to risk may change with age and depend on your overall financial circumstances, but it’s worth discussing your options with your IFA directly.

Independent pension planning advice

At Alan Boswell Financial Planners, we’ve been supporting clients with bespoke financial advice for 40 years. As independent financial planners, we offer pension planning and wealth management advice designed to help you achieve the financial future you want.

To find out how we can help you, speak to us on 01603 967967.

The value of investments and any income from them can go down as well as up and you might not get back the original amount invested. The past is not a guide to the future. The value of tax benefits depends on your individual circumstances. Tax laws can change.

Need help with your pension planning?

Whether you need advice, have a general enquiry, or want to talk it through over the phone, we're here to help.

Speak to us: 01603 967967