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HUMBOLDT FINANCIAL
Beginner's Money Guide
Investing suits money you won't need for a while. A safety net means an unexpected bill won't force you to sell your investments at a bad time.
Tap any step to find out why it matters.
Write down what comes in and what goes out each month. Split your spending into essentials, like rent and bills, and extras you can cut back on. What's left over is what you can save or invest.
Credit cards, store cards and overdrafts often charge more interest than investments are likely to earn. Paying them off is a sure way to stop losing money to interest, so it's usually a sensible first move.
Keep 3 to 6 months of essential living costs in an instant-access savings account. Then, if something unexpected happens, you can use this money instead of having to sell your investments.
With expensive debt cleared and a cash buffer in place, you can invest money you won't need for at least five years. That gives it time to ride out the ups and downs of the markets. Remember, the value of investments can fall as well as rise.
Move the sliders to see how much you might want to keep in your safety net.
Essentials are the things you can't go without: rent or mortgage, energy bills, food, and minimum debt repayments.
Your safety net
Keep £4,500 in an instant-access savings account, ready for emergencies. This money should stay in cash, not in investments.
Investment values go up and down. If an emergency comes up when prices are low and you have no cash to fall back on, you might have to sell at a loss. A cash buffer protects both your day-to-day life and your long-term investments.
If a UK-authorised bank or building society fails, the Financial Services Compensation Scheme (FSCS) protects up to £120,000 per person, per bank.
Next, find out the difference between saving and investing. Or talk it through with one of our independent advisers.
This guide is general information, not personal financial advice. The value of investments can go down as well as up, and you may get back less than you invest.
Sources: MoneyHelper – emergency savings · FSCS – deposit protection · Last reviewed
HUMBOLDT FINANCIAL
Beginner's Money Guide
Saving keeps your money safe for the short term. Investing gives it a chance to grow over the long term, but its value can go down as well as up. Most people need a bit of both.
Neither is "better". They do different jobs.
For short-term goals and emergencies
For long-term goals
Tap the timeframe that fits your goal.
For goals up to about five years away, a savings account, fixed-term savings or a cash ISA is usually the better home. Investments can fall in value, and there may not be enough time for them to recover before you need the money.
With five to ten years to go, you might keep some money in savings and invest some, depending on how comfortable you are with ups and downs. As your goal gets closer, many people move more into cash, so a late fall in the markets has less impact.
The longer you can leave your money, the more time it has to ride out the ups and downs and benefit from compound growth. Pensions and stocks and shares ISAs are common ways to invest for the long term. Remember: the value of investments can fall as well as rise, and past performance is not a guide to the future.
Compound growth means your returns start earning returns of their own. Move the sliders to see the effect over time. This is an example, not a prediction.
Growth isn't steady in real life. Investments rise and fall from year to year, and charges and inflation reduce what you end up with.
Your example
Putting in £100 a month for 20 years at an example 4% a year could grow to around £36,677. This is an illustration only. Real returns vary and aren't guaranteed.
Prices rose by 3.5% in the 12 months to September 2026. So something that cost £1,000 a year earlier cost about £1,035. If your savings earn less interest than inflation, your money buys a little less each year. Over the long term, investing gives your money a better chance of keeping up.
Savings with a UK bank are protected up to £120,000 if the bank fails. Investments with a UK-authorised firm may be protected up to £85,000 if the firm fails. FSCS does not cover losses when investments simply fall in value.
Next, find out how ISAs let your savings and investments grow tax-free. Or talk it through with one of our independent advisers.
This guide is general information, not personal financial advice. The value of investments can go down as well as up, and you may get back less than you invest. Past performance is not a reliable guide to future returns. Growth figures are illustrations only and are not guaranteed.
Sources: MoneyHelper – save or invest · ONS – consumer price inflation · FSCS – investments · FCA InvestSmart · Last reviewed
HUMBOLDT FINANCIAL
Beginner's Money Guide
An ISA (Individual Savings Account) is like a protective wrapper around your savings or investments. Whatever grows inside it is free from UK income tax and capital gains tax, and you don't need to report it on a tax return.
Tap a card to see how it works.
A cash ISA works like a normal savings account, but you pay no tax on the interest. It's a good home for your emergency fund or money you'll need within about five years. Cash ISAs with UK banks and building societies are covered by the FSCS.
A stocks and shares ISA lets you invest in funds, shares, bonds and investment trusts. You pay no income tax or capital gains tax on anything you earn inside it. It suits money you can leave for five years or more. The value can go down as well as up, so you could get back less than you put in.
You must open one and make your first payment before you turn 40. You can then pay in up to £4,000 a year until you're 50, and the government adds a 25% bonus, up to £1,000 a year. You can use it to buy your first home, or take it out from age 60.
An innovative finance ISA lets you lend money to people or businesses through a lending platform, and the interest you earn is tax-free. Borrowers can fail to repay, and this money is usually not covered by the FSCS. It's generally not a starting point for beginners.
You can split your allowance across different ISAs in the same tax year. Move the sliders to see how much you'd use, and what a Lifetime ISA bonus could add.
Your tax year
You'd use £19,000 of your £20,000 allowance, with £1,000 left. Unused allowance can't be carried over after 5 April.
You can move your ISA to another provider at any time. To keep the money tax-free, ask your new provider to arrange the transfer. If you take the money out yourself and pay it back in, it may count towards this year's allowance.
Next, find out how pensions work and why they're one of the most tax-efficient ways to save for later life. Or ask one of our independent advisers which ISAs suit you.
This guide is general information, not personal financial advice. Tax rules can change, and how they affect you depends on your circumstances. The value of investments in a stocks and shares ISA can go down as well as up, and you may get back less than you invest. Figures are for the 2026/27 tax year and reflect the Budget on 28 October 2026. Some Budget changes still need to be made law.
Sources: GOV.UK – ISAs · HM Treasury – Budget 2026 tax overview · GOV.UK – Lifetime ISA · GOV.UK – First Time Buyer ISA consultation · MoneyHelper – cash ISAs · Last reviewed
HUMBOLDT FINANCIAL
Beginner's Money Guide
A pension is a long-term savings pot for later life. The government tops up what you pay in through tax relief, and if you work for an employer, they usually pay in too. The trade-off is that you generally can't touch it until your mid-50s.
Tap a card to find out more.
The full new State Pension is £241.30 a week in 2026/27, or about £12,548 a year. You usually need 35 qualifying years of National Insurance to get the full amount, and at least 10 years to get any. State Pension age is rising from 66 to 67 between April 2026 and March 2028. On its own, the State Pension is unlikely to cover everything you'll want in retirement.
Most employers must automatically enrol eligible staff into a workplace pension. Money comes out of your pay, your employer adds a contribution, and you get tax relief on top. If you opt out, you usually lose your employer's contribution too. We explain how it all works in Topic 5.
You can open a personal pension yourself, for example a SIPP (self-invested personal pension). It suits people who are self-employed, or who want to save more or choose their own investments. Your provider claims basic-rate tax relief and adds it to your pot. The value depends on how your investments perform, and it can go down as well as up.
You can usually start taking money from private pensions at age 55. This rises to 57 from 6 April 2028. Most people can take up to 25% tax-free, up to a maximum of £268,275. The rest is taxed as income when you take it. We look at your options in Topic 9, Planning for retirement.
When you pay into a personal pension, the government adds tax relief. Higher-rate taxpayers can claim extra back. Choose an amount and your tax band to see how it adds up.
Uses rates for England, Wales and Northern Ireland, and assumes a pension where your provider claims basic-rate relief for you. Scottish rates are different. You can get relief on up to 100% of your earnings each year.
Each month
Paying £100 a month puts £125 into your pension, or £1,500 a year.
You usually can't take money from a private pension until you're 55, rising to 57 from 6 April 2028. Be very wary of anyone offering to unlock your pension early. These offers are often scams and can lead to large tax charges.
It takes a few minutes on GOV.UK to see how much State Pension you could get, when you can claim it, and whether there are gaps in your National Insurance record. Check your State Pension forecast.
Next, find out how workplace pensions and auto-enrolment work, and how to make the most of your employer's contributions. Or ask one of our independent advisers to review your pensions.
This guide is general information, not personal financial advice. Tax rules can change, and how they affect you depends on your circumstances. The value of pension investments can go down as well as up, and you may get back less than you put in. Figures are for the 2026/27 tax year. Tax relief examples use rates for England, Wales and Northern Ireland.
Sources: GOV.UK – pension tax relief · GOV.UK – benefit and pension rates 2026/27 · GOV.UK – new State Pension · GOV.UK – minimum pension age · GOV.UK – tax-free lump sum · MoneyHelper – pension basics · Last reviewed
HUMBOLDT FINANCIAL
Beginner's Money Guide
If you work for an employer, you're probably already saving into a pension through "auto-enrolment". Your employer has to pay in too, and the government adds tax relief. For most people, it's one of the most valuable ways to save.
Tap a step to find out more.
By law, your employer must automatically enrol you into a workplace pension and pay into it if you:
Earn less or younger than 22? You can usually still ask to join, and your employer can't refuse.
The legal minimum is 8% of your qualifying earnings, which is pay between £6,240 and £50,270 a year. Your employer pays at least 3%. You pay the rest, and part of your share comes from tax relief. GOV.UK gives this example: you pay £40, your employer pays £30, you get £10 tax relief, and £80 goes into your pension. Many employers pay more than the minimum.
You can leave the scheme by contacting your pension provider. If you opt out within one month of joining, you get back what you've paid in. After that, the money usually stays in the pension until you retire. If you opt out, you also lose your employer's contributions and the tax relief. Your employer must re-enrol you about every 3 years, and you can ask to rejoin at any time.
When you leave a job, your pension stays invested in your name. Your new employer will usually enrol you in a new scheme. Keep a note of each provider and update your address when you move. You may be able to combine old pots into one, but check first for exit fees or valuable benefits you could lose, such as a guaranteed income.
Enter your salary and the percentages you and your employer pay. Your payslip or HR team can tell you these. The minimum is 5% from you and 3% from your employer.
Each year
About £158 a month goes into your pension, and only £79 of it comes from your take-home pay. If you opted out, you'd lose £950 a year from your employer and the government.
An illustration assuming basic-rate (20%) tax relief. How relief is given depends on your scheme, and the figures don't include investment growth or charges.
When you leave your workplace pension, your employer stops paying in for you, and you miss out on tax relief. If money is tight, ask your employer or provider whether you can reduce your contributions for a while instead of stopping altogether.
Most of us will have several employers, and several pensions. Keep your providers' details safe. If you've lost track of one, the free find pension contact details service can help. Pensions dashboards will eventually let you see all your pensions in one place online. Pension schemes had until 31 October 2026 to connect, but a date for the public to start using dashboards hasn't been set yet.
Next, see how you can start investing for your children's future with a Junior ISA or a pension. Or ask one of our independent advisers to bring your old pensions together.
This guide is general information, not personal financial advice. The value of pension investments can go down as well as up, and you may get back less than you put in. Tax rules can change. Figures are for the 2026/27 tax year. Calculator results are illustrations only.
Sources: GOV.UK – joining a workplace pension · GOV.UK – what you and your employer pay · GOV.UK – leaving a workplace pension · The Pensions Regulator – earnings thresholds · GOV.UK – salary sacrifice from 2029 · FCA – pension transfer advice · Pensions Dashboards Programme · Last reviewed
HUMBOLDT FINANCIAL
Beginner's Money Guide
Time is the biggest advantage a child has. Small amounts put aside from an early age can grow into a useful sum by 18, for university, a first car or a home deposit. Here's how the main options work.
Tap a step to find out more.
For most families, a Junior ISA is the starting point. A parent or guardian with parental responsibility opens it, and any interest or growth is tax-free. There are two kinds: a cash Junior ISA, which works like a savings account, and a stocks and shares Junior ISA, which invests the money. A child can have one of each. The money belongs to the child, not to you.
Anyone can pay money into a Junior ISA, but the total for each child is £9,000 in the 2026/27 tax year, across all their Junior ISAs. Many providers let you start with small regular amounts, and family can add money for birthdays instead of buying another toy. Starting early matters more than starting big, because growth has more time to build.
There's usually no tax to pay on children's savings. But if money you, as a parent, gave your child earns more than £100 of interest in a tax year, it's treated as your income, and you may have to pay tax on all of it. The rule doesn't apply to money from grandparents, other relatives or friends, or to money in a Junior ISA or Child Trust Fund.
Your child can take control of their Junior ISA at 16, but can't take money out until they turn 18. At 18 the money is legally theirs, to spend or keep saving as they choose. Talking to them about money in their teens can help them make good choices when the time comes.
Each has a different job. Many families use more than one.
Most popular choice
Simple and flexible
Very long term
Choose a monthly amount, your child's age now and a growth rate. The top amount, £750 a month, is the £9,000 yearly Junior ISA limit.
By their 18th birthday
Starting from birth, £50 a month could grow to around £15,667 by 18.
An illustration only. It assumes the same growth every year after charges, which won't happen in real life. Investments can fall as well as rise, and rising prices mean the money will buy less in future.
Once money goes into a Junior ISA, you can't take it back out, and at 18 your child decides what to do with it. If you'd rather keep control, for example to help with a house deposit later, you could save in your own ISA instead. It won't legally be your child's money, but you can choose when to hand it over.
Children born between 1 September 2002 and 2 January 2011 were given a Child Trust Fund by the government, and many have been forgotten. Your child can take control of it at 16 and take the money out at 18. If you don't know where it is, use the free find a Child Trust Fund service on GOV.UK.
Next, find out what to do if you're starting to save later in life. Or talk to one of our independent advisers about saving for your children or grandchildren.
This guide is general information, not personal financial advice. The value of investments can go down as well as up, and your child may get back less than was put in. Tax rules can change and depend on individual circumstances. Figures are for the 2026/27 tax year. Calculator results are illustrations only.
Sources: GOV.UK – Junior ISAs · GOV.UK – interest on savings for children · GOV.UK – Child Trust Funds · GOV.UK – pension tax relief · GOV.UK – gifts and Inheritance Tax · Last reviewed
HUMBOLDT FINANCIAL
Beginner's Money Guide
If you're in your 40s or 50s and feel behind with saving, you're not alone. You may still have 10 to 25 working years ahead, and these are often your highest-earning years. A clear plan now can make a real difference.
Tap a step to find out more.
Start by gathering what you already have. Look out old pension statements, and use the free find pension contact details service for any you've lost track of. Then check your State Pension forecast on GOV.UK. It shows how much you could get, when, and whether you can increase it. Many people find they have more than they thought.
Paying more into your pension is usually the most powerful catch-up tool. Basic-rate tax relief turns every £80 you pay into £100, and higher-rate taxpayers can claim more back. Ask your employer whether they'll match extra payments. Most people can pay in up to £60,000 a year in total, including employer payments, though you only get tax relief on up to 100% of your earnings. If you've used that, you may be able to carry forward unused allowance from the previous 3 tax years.
You usually need 35 qualifying years on your National Insurance record for the full new State Pension, and at least 10 to get any. If you have gaps, you may be able to pay voluntary contributions, but usually only for the past 6 years. Check your forecast first, because filling a gap doesn't always increase your pension, and you may be able to get free credits instead.
From 6 April 2028, most people can't take money from a private pension until 57. The State Pension age is rising from 66 to 67 between 2026 and 2028, and it's reviewed regularly. If you want to stop work before your State Pension starts, you'll need savings to bridge the gap. From 50, you can book a free Pension Wise appointment to talk through your options.
Both are useful. A pension usually gives the biggest boost, while an ISA gives you access before pension age.
Built for retirement income
Built for flexibility
Choose your age, when you'd like to retire, a monthly amount and a growth rate. Tick the box if you're paying into a pension, to add basic-rate tax relief.
By age 67
Starting now, £300 a month could build around £156,921 by 67. Waiting another 5 years to start would give around £108,580.
An illustration only. It assumes the same growth every year after charges, which won't happen in real life, and doesn't allow for inflation, so the money will buy less in future. Investments can fall as well as rise.
Feeling behind can make "too good to be true" offers tempting. Scammers often target people in their 40s to 60s with free pension reviews, promises of high returns or time-limited deals. Cold calls about pensions have been banned since 2019, so if one comes out of the blue, hang up. Check any firm on the FCA's ScamSmart site before you act.
If you're 50 or over and have a defined contribution pension, you can book a free Pension Wise appointment, backed by the government. It explains when you can take your pension, your options, how each is taxed, and how to avoid scams. It's guidance, not advice, so it won't recommend what you should do.
Next, find out how estate planning and Inheritance Tax work. Or talk to one of our independent advisers about a catch-up plan that fits your situation.
This guide is general information, not personal financial advice. The value of investments can go down as well as up, and you may get back less than you put in. Tax rules can change and depend on your circumstances. Figures are for the 2026/27 tax year. Calculator results are illustrations only.
Sources: GOV.UK – annual allowance · GOV.UK – pension tax relief · GOV.UK – pension schemes rates · GOV.UK – voluntary National Insurance · GOV.UK – State Pension forecast · GOV.UK – minimum pension age · MoneyHelper – Pension Wise · FCA – ScamSmart · Last reviewed
HUMBOLDT FINANCIAL
Beginner's Money Guide
Estate planning simply means deciding what happens to your money, home and belongings when you die, and who can help if you become unable to manage them. A little planning can save your family stress, delay and sometimes tax.
Tap a step to find out more.
A will lets you choose who inherits your money, home and belongings, who deals with your estate (your executors) and who would look after any young children. Without one, the law decides, and an unmarried partner gets nothing automatically. You can write a will yourself, but it must be signed and witnessed properly to be valid, and you should get advice if your situation isn't straightforward. Review it after big life events. In England and Wales, getting married or entering a civil partnership usually cancels an existing will.
Everyone has a tax-free allowance of £325,000, called the nil-rate band. If you leave your home to your children or grandchildren, you can usually add up to £175,000, making £500,000. Anything you leave to a husband, wife or civil partner is normally tax-free, and any allowance you don't use can pass to them. That means a married couple or civil partners can pass on up to £1 million between them. Above the allowance, the tax is usually 40%. These allowances are frozen until April 2031.
You can give away £3,000 a year in total without it counting towards your estate, and carry forward one year's unused allowance. You can also give as many gifts of up to £250 per person as you like, as long as they haven't had another allowance from you. Wedding gifts and regular gifts from spare income can be exempt too. Most other gifts become tax-free if you live for 7 years after giving them.
A lasting power of attorney lets you choose people you trust to make decisions for you if you're no longer able to. There are two types: one for property and financial affairs and one for health and welfare. In England and Wales, registering each one costs £92, and you need to set it up while you can still make your own decisions. Scotland and Northern Ireland have their own versions.
Many people assume their family will automatically get everything. Without a will, that isn't always true.
You decide
The law decides
Add up what you own (home, savings, investments and belongings) minus any debts. This assumes you leave it to your children or other family, not a spouse or civil partner.
Estimate
Your estate is £100,000 over your allowance, so there could be around £40,000 to pay. Gifts, charity donations and good planning can reduce this.
A rough guide only. It ignores gifts made in the last 7 years, reliefs for businesses and farms, and the 36% charity rate. From 6 April 2027, most unused pensions will count towards your estate too.
At the moment, most pensions sit outside your estate for Inheritance Tax. For deaths on or after 6 April 2027, most unused pension money and pension death benefits will be included. Pensions left to a spouse or civil partner should still be tax-free, and death-in-service benefits are excluded. If you've been relying on your pension to pass on wealth, now is a good time to review your plans.
The £325,000 and £175,000 allowances are fixed until 5 April 2031. As house prices and savings grow, more families may find their estate goes over the limit. Checking your figures every few years, and after any big change, helps you avoid surprises.
| Years between gift and death | Tax on the gift |
|---|---|
| Less than 3 | 40% |
| 3 to 4 | 32% |
| 4 to 5 | 24% |
| 5 to 6 | 16% |
| 6 to 7 | 8% |
| 7 or more | 0% |
Next, find out how to plan for the retirement you want. Or talk to one of our independent advisers about protecting your family and your estate.
This guide is general information, not personal financial, tax or legal advice. Inheritance Tax rules are complex and depend on your circumstances, and they can change. Figures are for the 2026/27 tax year. Calculator results are rough estimates only. Will-writing and some trust and tax planning are not regulated by the Financial Conduct Authority.
Sources: GOV.UK – Inheritance Tax · GOV.UK – residence nil rate band · GOV.UK – thresholds frozen to 2031 · GOV.UK – gifts · GOV.UK – Inheritance Tax on pensions · GOV.UK – making a will · GOV.UK – lasting power of attorney · Citizens Advice – if there's no will · Last reviewed
HUMBOLDT FINANCIAL
Beginner's Money Guide
Retirement planning is about two questions: how much will you need each year, and where will that money come from? Knowing your options before you start taking your pension can help your money last and avoid paying more tax than you need to.
Tap a step to find out more.
A good place to start is the Retirement Living Standards, which show what a year of retirement costs at three levels. For a single person outside London, the latest figures (2026) are about £13,900 (minimum), £32,700 (moderate) and £45,400 (comfortable). For a couple they are £22,500, £45,400 and £62,700. Costs in London are a little higher. These figures are after tax and assume you no longer pay rent or a mortgage.
For most people, the base is the State Pension. The full new State Pension is £241.30 a week in 2026/27, about £12,548 a year, and it rises each April. How much you get depends on your National Insurance record, so check your forecast on GOV.UK. On top of that, add any workplace or personal pensions, savings, ISAs and any part-time work. Remember you have to claim your State Pension: it isn't paid automatically.
With a defined contribution pension, you can usually take up to 25% tax-free (up to £268,275 in total). With the rest, you can buy an annuity (a guaranteed income), move it into drawdown (stay invested and take money when you want), take cash lump sums, or mix these. You don't have to take your money at all at the minimum age. Not every provider offers every option, and you can shop around or move to another provider.
Retirement can last 25 years or more, so it's worth checking your plan at least once a year. Taking large amounts in one go can mean paying more tax, and once you take taxable money flexibly, the amount you can pay into pensions with tax relief usually drops to £10,000 a year. If you're 50 or over with a defined contribution pension, you can book a free appointment with Pension Wise to talk through your options.
These are the two main ways to turn a pension pot into an income. You don't have to choose just one: many people use part of their pot for each.
A guaranteed income
A flexible income
See how long your savings might last if you take a set amount each year while the rest stays invested (drawdown).
Your first year
Taking £10,000 a year, your pot could last around 25 years, to about age 91. With your State Pension, your income of £22,548 a year (before tax) is between the minimum and moderate levels for a single person.
An illustration only. It assumes the same growth every year after charges, which won't happen in real life. Falls in the early years of retirement can make money run out sooner. It ignores tax and your 25% tax-free cash. Investments can fall as well as rise.
The first time you take taxable money flexibly from a pension, your provider often uses an emergency tax code, so you may pay too much. You can claim it back from HMRC straight away using form P55 (if you took part of your pot), P53Z or P50Z (if you took all of it). Otherwise, it's usually corrected after the end of the tax year. Find out more on GOV.UK.
You don't have to buy an annuity or drawdown from your current provider. Rates and charges vary, and some annuities pay more if you have certain health conditions. Pension money is a target for scammers, so be wary of cold calls, "free pension reviews" and offers of early access. Check any firm on the FCA's ScamSmart site, and use free, impartial guidance from Pension Wise.
Next, find out when it makes sense to get financial advice and what to expect. Or talk to one of our independent advisers about turning your pensions into a retirement income.
This guide is general information, not personal financial or tax advice. The value of investments and any income from them can fall as well as rise, and you may get back less than you put in. Tax rules can change and depend on your circumstances. Figures are for the 2026/27 tax year. Calculator results are illustrations only.
Sources: Pensions UK – Retirement Living Standards · GOV.UK – new State Pension · GOV.UK – how you can take your pension · GOV.UK – tax-free pension · GOV.UK – pension tax refunds · GOV.UK – pension allowances · MoneyHelper – annuities · Pension Wise · Last reviewed
HUMBOLDT FINANCIAL
Beginner's Money Guide
You don't need an adviser for every money decision. But for big choices, like how to take your pension or what to do with a lump sum, the right advice can help you avoid costly mistakes. Here's how to tell what kind of help you need, and how to find someone you can trust.
Tap a step to find out more.
Guidance gives you information about your options but doesn't tell you what to do. It's free from MoneyHelper and Pension Wise. Since 6 April 2026, banks, pension providers and investment firms with FCA permission can also offer targeted support: suggestions for groups of people in a similar situation, but not a full look at your own circumstances. Regulated financial advice is a personal recommendation, based on a detailed review of your situation and goals. You usually pay for it, and you get the most protection.
Advice is most valuable when a decision is large, complicated or hard to reverse. Examples include turning your pensions into a retirement income, investing a lump sum such as an inheritance, planning for Inheritance Tax, or bringing several pensions together. If you have a final salary (defined benefit) pension worth more than £30,000 and want to transfer it, the law says you must get advice from an FCA-authorised adviser first.
Independent financial advisers (IFAs) can recommend products from across the whole market. Restricted advisers only look at certain products or providers, and they must tell you how they're restricted. Whichever you choose, check the firm on the FCA Register to make sure it's authorised to give the advice you need. Ask about qualifications, how they charge, and whether they offer ongoing reviews. Many advisers offer a free first meeting.
An adviser will start by asking about your income, savings, pensions, debts, goals and how you feel about risk. They must tell you their fees in writing, before they advise you. If they recommend a product, you'll get a suitability report explaining what they recommend and why. If something goes wrong, you can complain to the firm, then to the free Financial Ombudsman Service. If the firm has gone out of business, the FSCS may pay compensation of up to £85,000.
The words sound similar, but they mean different things, and the protection you get is different too.
General information
New since April 2026
A personal recommendation
Tick anything that applies to you. It takes less than a minute.
Your result
Free, impartial guidance from MoneyHelper or Pension Wise could be a good first step. If your situation changes, you can talk to an adviser later. Many offer a free first meeting.
A simple guide only, not a recommendation. Everyone's situation is different, and an adviser can tell you at a first meeting whether advice is worth paying for in your case.
Before you share any details or money, search for the firm on the FCA Register and make sure it's authorised for the advice you need. Scammers sometimes copy the name and details of real firms, so contact the firm using the details on the Register, not ones you've been sent. Be wary of cold calls, "free pension reviews" and promises of high returns. The FCA's ScamSmart site can help.
If you're unhappy with advice, complain to the firm first. If you don't get a final response within 8 weeks, or you're unhappy with it, the Financial Ombudsman Service can look into it for free. If the firm has gone out of business, the FSCS may pay up to £85,000 per person, per firm. This protection doesn't cover investments that simply fall in value.
Well done for taking the time to understand your money. When you're ready, talk to one of our independent advisers about your plans, or go back to the start to refresh the basics.
This guide is general information, not personal financial advice. The value of investments and any income from them can fall as well as rise, and you may get back less than you put in. The quick check is a simple guide only. Rules and figures are correct as of the date below and can change.
Sources: MoneyHelper – do you need a financial adviser? · MoneyHelper – choosing an adviser · FCA – targeted support · FCA – advice fees (CP26/10) · FCA – pension transfer advice · FCA Register · Financial Ombudsman Service · FSCS – investments · Last reviewed
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