How financial guidance and advice can help you plan your future
Most people spend around a third of their life in retirement, so it’s really important, plan it carefully and make the right decisions.
Most people spend around a third of their life in retirement, so it’s really important, plan it carefully and make the right decisions.
While you’re saving for retirement, you’ll need to decide what kind of later lifestyle you’re hoping for, and work out whether you’re saving enough money to achieve it. When you’re ready to start taking your savings, you’ll need to be sure that you understand the different options that are available to you. There’s plenty to think about and it might be worth considering getting some professional help by choosing to take financial guidance or financial advice.
If you're age 50 or over, there are some situations where you now have to consider taking up a free guidance appointment with the government’s Pension Wise service (available through the MoneyHelper website).
This includes when you are considering taking your pension savings or transferring your pension from TPT to another provider. Pension Wise provide financial guidance, not financial advice.
In these circumstances this means that before we can process your request to take or transfer your pension savings, you'll need to complete a Pension Wise declaration form to confirm that; either you've had an appointment with Pension Wise, or that you've opted out.
A copy of the declaration form is included in the transfer of retirement pack that we'll send you.
To book an appointment please visit the MoneyHelper website or call 0800 138 3944.
Alternatively, if you would like us to book an appointment for you, you can call us.
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Financial advice |
Financial guidance |
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Recommendation advising you what you should do |
Yes |
No |
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Based on your individual circumstances and needs |
Yes |
No |
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Impartial |
Yes |
Yes |
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Regulated |
Yes |
No |
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Protected by the Financial Services Compensation Scheme |
Yes |
No |
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Fee to pay |
Yes |
No |
One of the big differences with a financial adviser is that they’ll give you a personalised recommendation on how to achieve your financial goals. A financial adviser is also regulated, which means they’re authorised by the Financial Conduct Authority to provide advice and have more protection should anything go wrong.
Financial guidance can be useful in helping to improve your understanding, and it’s free. However, bear in mind that guidance services will provide you with generic information. Unlike financial advice, it is not based on your personal circumstances and will not give you a personalised recommendation on the best course of action for you. We’ve listed some useful sources of financial guidance below:
MoneyHelper is a government-backed service. It’s a useful source of information and the website contains information about pensions and retirement, including articles to help you understand pensions, the State Pension, tax and avoiding pension scams. The Pension Wise guidance service can also be accessed through MoneyHelper. PensionWise is a guidance service for people age 50 or over who are looking to make sense of their retirement options.
The GOV.UK website contains useful information about tax rules, and can help you find out if you qualify for pensions credit and a State Pension.
Don’t forget that you can find lots of information on this website to help you with your pension savings and retirement plans.
When it comes to making big decisions or understanding your options, it can help to talk about your pension with a financial adviser. A financial adviser can help you feel more in control of your retirement savings plans, make decisions about your pension savings with confidence and, when the day comes, help you make the right choices when it comes to covering the cost of your lifestyle in retirement. You might want to think about seeking advice if you’re:
As a TPT member, you can get financial advice through our carefully selected partner, Origen Financial Services. Origen offers two basic services to members of the TPT Master Trust to help you at different stages of your retirement planning journey:
These services are designed to help ensure that your pension savings are working for you.
Each service includes an initial meeting with an Origen adviser, a pension report detailing recommendations in respect of your TPT retirement savings, and a follow-up call to discuss the recommendation.
Each service has a fixed price of £600 inclusive of VAT and includes advice on your TPT defined contribution pension. If you would like advice on a defined benefit pension this is not covered in this cost.
If you require advice on other pensions, savings or investments, Origen can provide a full financial advice service and will be happy to discuss this with you.
Origen is one of the UK’s leading national financial advisers, with a history of providing advice for over 130 years. They’ve received numerous awards in recognition of their service, including, Retirement Planning Advisory Firm of the Year for the last 7 years at the NCQ Global Awards.
Origen’s financial advice is entirely independent from TPT, and will be based on your own personal circumstances, aspirations and financial objectives
You can of course find your own financial adviser if you prefer and the MoneyHelper website contains a useful directory to help you find one.
They’ll be able to answer any initial questions you might have before booking you an appointment with one of their financial advisers
Completing this before your appointment will help the financial adviser understand your overall financial situation before they meet with you. It will include questions about your income, assets and liabilities and any other pensions as well as any income and pension plans of a spouse or partner. It will also ask about your attitude to risk, health, family and future financial goals. If you’re unsure how to answer any of the questions, please don’t worry as your adviser will be able to discuss these with you at your appointment.
Your first discussion with your Origen financial adviser will last between 45 minutes and one hour. Typically you’ll meet with them on the phone or on a video call. In certain circumstances you can arrange to meet them face-to-face. It’s important you feel as comfortable as possible when discussing your financial future. It’s not an interview, it’s a conversation. You financial adviser will make sure that you fully understand the options that are available to you, and that they fully understand your goals and aspirations for the future. You’ll have the opportunity to ask questions. After the meeting you may have some further thoughts or questions. Your adviser will be happy to arrange a follow-up call.
Once the financial adviser has gathered all the relevant information, they’ll prepare a personal recommendation report based on your circumstances. The report will include your adviser’s recommendations, the reasons behind the recommendations and an overall summary of your financial position.
Your adviser will then arrange a further call to discuss their recommendations with you. This gives you the opportunity to ask any further questions. You may need to fill out some paperwork to put the wheels in motion – your adviser can help you complete this.
Finally, for an additional cost, you’ll have the option of taking up Origen’s ongoing review service to keep up to date with your pension in the years to come. However, this is entirely your choice.