What advice is and where to find it

Advice: is it right for you?

Before you decide to transfer, you might need advice or guidance. We explain the difference between these and how you can tell which is right for you.

What is guidance?

When you read our website or call our Pension Helpdesk, you’ll get what’s known as guidance.

This means we’ll answer any questions you might have about pension transfers, so you can make an informed choice. But this isn't the same thing as advice, as we won’t recommend what you should do next.

If you plan to take money from your pension soon after you transfer to us, this is an important decision. You could get free and impartial guidance about your pension options from Pension Wise from Moneyhelper. It’s a government service that offers clear and simple guidance online or over the phone. Find out more about Pension Wise, by visiting the MoneyHelper website.

What is independent financial advice?

This is a type of advice you’d get from an adviser who doesn’t work for one pension provider. Because they’re independent, they’ll talk to you about pensions and investments with providers which they think will suit you.

This’ll be based on how your finances look today, and your plans for tomorrow. They’ll normally charge you for their advice.

If you don’t already have one, you can learn more about how to find a financial adviser on our Scottish Widows website.

If you plan to take money from your pension soon after you transfer to us, we’ll ask if you’ve had financial advice or Pension Wise guidance, or if you would like some before proceeding with your transfer.