What’s the difference between guidance and advice?

Guidance – this type of service won’t recommend any products or tell you what to do with your money. It will only give you the information to help you make a decision.

If you want general guidance on the options available and the next steps you could take, you need to contact Pension Wise.

Advice – it is an in-depth analysis by a regulated and qualified adviser giving you a detailed recommendation of the best options to suit your personal and financial circumstances.

Maybe you’ve done your own research, but you still have some unanswered questions. Or maybe you’ve realised your pension pot is worth more than you thought and you think a financial adviser could help you make the right decision.

Expert financial advice can also help make clear how much tax you’ll pay when accessing your pension pot.

Types of advice:

  • Independent advice is completely unbiased and covers the whole range of financial products from all the different companies available.
  • Restricted advice is provided on a limited range of products specialising in one area, for example pensions, or on products offered by a limited number of companies.
  • Simplified advice is a streamlined advice process, limited to one or more of a customer’s specific needs.

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