5.3 Taking financial advice
As these decisions are important and will affect your income in retirement it’s a good idea to talk to an expert, a financial adviser, especially if you have a larger pension pot to invest. They can ensure that you’re aware of all your options, their pros and cons, and, importantly, the tax consequences. They can also advise on whether you should combine a number of small pension pots into one larger pot as this might improve the pension income you receive – for example by getting a better annuity.
Do make sure your adviser is regulated by the FCA – you can use theto find one. Open the link in a new tab or window so that you can easily return to the course.
At the very least you should book a free appointment with the government’s MoneyHelper service who can provide guidance on the options for defined contribution pension pots.