Visualise it, and make it happen
Here’s the great thing about your employer’s partnership with Aspire to Retire – you don’t have to make your retirement income decisions on your own. You’ve got access to expert help and support for achieving your retirement vision.
Do you need guidance or advice?
You might find you need both. For example, you receive some guidance first to get a general idea of your options, then take financial advice about a particular course of action that’s good for you. There’s a range of sources and resources listed here for you to use to find guidance and advice, including the ones available to you as part of your employee experience with Aspire to Retire. Here’s an at-a-glance guide to the main differences between guidance and advice.
- is general information and not tailored to your circumstances
- is available from a range of sources (including MoneyHelper, Pension Wise and The Money Charity)
- explains the options available to you to help you understand them
- won’t recommend which options you should choose, or any other actions
- is usually free of charge.
- is specifically tailored to you and your circumstances
- is only available from regulated financial advisers (including Foster Denovo, the parent company of Secondsight and Aspire to Retire)
- explains the options available and recommends which ones would be good for you to choose
- might suggest other actions you should take
- will need to be paid for.
| Guidance | Financial advice |
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Getting guidance
The following organisations can offer general guidance about pensions, retirement, and finance.
- MoneyHelper can help with all kinds of pensions – workplace, personal, and State. MoneyHelper also has information about consumer finances, including savings and retirement.
- Pension Wise provides guidance about the different ways to take DC retirement savings. If you’re aged 50 or over, you can book a free guidance call.
- The Money Charity offers research, statistics, and advice on how to stay on top of your finances.
Why take financial advice
Money is an enabler. Most people want to have money so they can do the things they want to do. Managing your money well can help you, and the people important to you, do more of the things you want to do.
A good financial adviser will aim to get to know you and your family circumstances. This will enable them to understand what’s important to you and what you’re trying to achieve with your retirement savings, so they can work with you to help you achieve your retirement vision in an effective and economical way.
But what matters to you?
1. Happiness in retirement? This isn’t just about having enough income – it’s about making sure it enables you to do all the things you’d like to. A financial adviser can help you understand what your money can do for you.
2. Leaving money to your loved ones? Working with a financial adviser can help you pass your estate on to your chosen beneficiaries as efficiently as possible, without either you or them paying too much tax.
3. Peace of mind? There are more important things in retirement than worrying about your finances. Working with a financial adviser can give you the peace of mind that you’re taking your retirement income in an effective and good-value way, your money is suitably invested and the people important to you are protected.
How you can get financial advice
- Individual advice is available through Foster Denovo, the parent company of Secondsight and Aspire to Retire
- You can contact the team by calling 0330 332 7866, or by emailing advise-me@fosterdenovo.com. Foster Denovo will explain any fees clearly in advance.
- You can go here for a Find an adviser list you can search by postcode.
- The MoneyHelper website has a directory of financial advisers who specialise in retirement advice and a video about getting financial advice.
- The Financial Conduct Authority (FCA) regulates financial advisers in the UK. It holds the official register of financial advice firms. If you’ve found a financial adviser you’d like to use, you should check whether they’re on the FCA’s register.
| Foster Denovo | Other ways to find an adviser |
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Questions to ask a potential financial advisor
What are their qualifications?
They must be qualified to a minimum of Level 4 of either the Regulated Qualifications Framework (in England & Wales) or Scottish Credit and Qualifications Framework (in Scotland) and have an up-to-date Statement of Professional Standing.
What do they charge and how much are you likely to pay?
They may not be able to tell you exactly up front, but they should be able to give you an idea as part of their terms of business and the ‘services, costs and disclosure’ document they must make available to you.
Do they have many clients in a similar position to yours?
This shows they have experience of advising people like you.