Pensions and financial advisers: who to contact :Cross Stitch – Pensions and retirement planning

If you’re considering taking out a stakeholder or personal pension you can shop around yourself. It can be a good idea to get professional financial advice from a specialist before you buy. For information on any pensions offered by your employer, speak to your HR department or employer.

Firms must be regulated by the Financial Services Authority (FSA), the UK’s financial services regulator to advise on financial products such as personal pensions. This means they must follow certain rules and standards when dealing with you.

Before you buy a personal or stakeholder pension, the financial adviser will usually give you a ‘Key features document’ that explains important details, like:

• the aims and benefits of the product
• the level of risk
• an illustration showing how the pension might work for you
• the commission and charges you will have to pay the product provider to manage the product for you

The Pensions Advisory Service (TPAS) is an independent, non-profit making organisation that provides free advice about pensions. They provide information and guidance on all pension matters, covering state, workplace, personal and stakeholder schemes. They also help any member of the public who has a problem, complaint or dispute with their workplace or private pension arrangement.

A financial adviser should ask whether your employer offers a workplace pension scheme before suggesting a personal pension. If your employer does offer a scheme it’s often a good idea to join, especially if your employer contributes. To find out more you’ll need to talk to your HR department. Read ‘Understanding company pensions’ to find out more.