Aviva pension advice and retirement planning

Most of the time, there’s no need for a financial adviser by law. Some people decide to get financial advice to help them with the complex process of retirement planning. Some decisions, like whether to start taking an income from your pension, can’t be undone. That’s why personalised pension advice from a qualified financial or pension adviser can bring real relief.

However, there are some decisions that need financial advice. For example, you’ll need to take financial advice before transferring if the cash equivalent transfer value of your pension with safeguarded benefits is over £30,000. This includes pensions from a defined benefit scheme, and others which have a guaranteed income or guaranteed rate at which you can turn your pension fund into an income. This is in line with pensions legislation.

You can find retirement planning and pension advice through MoneyHelper, a free financial guidance service backed by the government. But though it can help you understand your pension and other finances, you’ll need a qualified adviser for personalised advice on your situation.

Whether you can afford to retire depends on factors like how much you’ve saved, when you hope to retire, and the lifestyle you’re expecting in retirement. You can get a sense of how much you might need by checking the Retirement Living Standards (RLS), published by the Pensions and Lifetime Savings Association. The RLS gives estimates of what retirement might look like at three different levels of income.

Your adviser will use the Retirement Living Standards in conversations with you. They’ll also use a type of forecasting called cashflow modelling to help you see the best ways of using your pension and investments to support your retirement.

If you have a defined contribution pension, you don’t need a financial adviser to legally transfer it. However, an adviser can talk you through all the implications of a pension transfer. For example, some defined contribution pensions come with benefits that you’ll lose with a transfer, like promised minimum rates and additional death benefits.

 So, though you don’t always need financial advice to transfer a pension, a financial adviser can help you understand whether it’s the right choice for you. They can also help you with retirement planning and pension advice.

It's money you get to reduce the overall cost to you when you make regular contributions into your pension. It comes from the government, to get more people paying into a pension. The effective rate of tax relief you get depends on your income. Your adviser will take you through all the ins and outs, so you don’t miss out on anything you’re owed.

Tax benefits are dependent on individual circumstances and are subject to change.

Read more about tax relief.