Pension Advice Questions
Below are answers to the questions we are asked most often about pensions, advice and tracing. Pensions Advice UK does not provide financial advice – we act solely as an introducer, connecting you with FCA-authorised advisers. If you simply want to find old or lost pensions, you can use a dedicated tracing service such as Pension Pie, which traces pensions for you without giving advice.
We are an introducer. We connect people who have questions about their pensions with FCA-authorised financial advisers who can give regulated advice based on your circumstances. We do not provide financial advice ourselves, we do not charge you for the introduction, and any fees for advice are explained to you directly by the authorised firm before you proceed. If your only goal is to track down old pensions rather than get advice, a dedicated tracing service such as Pension Pie can do that for you.
Over a working life it is very easy to lose track of pensions when you change jobs or move home. The most straightforward way to find them is to use a pension tracing service, which does the searching and chasing for you. We recommend Pension Pie, a dedicated, non-advisory pension tracing service that locates your old pensions and tells you what you have and where it is held. Once you know what you have, you can decide whether you want regulated advice on what to do next.
The government’s Pension Tracing Service is free, but it is important to understand what it does: it gives you contact details for pension schemes, then leaves you to contact each provider yourself, prove your identity and chase the information. For one pension that may be manageable. For several, across employers who may have merged, renamed or closed, it can become a long and frustrating job. A paid service such as Pension Pie does the work for you – the searching, the chasing and the confirming – and tells you what you actually have. Many people decide the time saved and the certainty are well worth a fixed fee, especially when the pensions found are often worth far more than the cost. You can find out more about how it works at tracing.pensionpie.com.
A dedicated tracing service charges a fixed fee to find your pensions for you, rather than taking a percentage of anything found. Pension Pie sets out its pricing clearly before you start, so there are no surprises. Given that the average lost pension pot runs into thousands of pounds, most people find a fixed tracing fee is modest by comparison. See tracing.pensionpie.com for current pricing and how the service works.
Once you know what pensions you have and where they are held, you have a clear picture to work from. Some people are happy to leave things as they are; others want to bring scattered pots together or plan for retirement. If you want regulated advice at that point, we can introduce you to an FCA-authorised adviser – see our page on pension transfer and consolidation advice. Tracing itself, through Pension Pie, does not involve advice – it simply finds your pensions.
It depends on how you are charged and how complex your situation is. Ongoing advice is commonly around 0.5% to 1% of your pot a year, while one-off advice such as arranging a transfer is often a fixed fee. We explain the different charging models, show real cost ranges, and provide a calculator so you can see what charges cost over time on our pension advice charges page. Whichever adviser you are introduced to must set out their charges clearly, in pounds as well as percentages, before you agree to anything.
Not for pension and investment advice – commission on that was banned in the UK some years ago. Advisers are paid through charges they agree with you and explain up front. If pension advice is ever presented to you as free, you are most likely dealing with a salesperson rather than a regulated adviser. You can read more about how advisers charge on our pension advice charges page.
Bringing several pensions together can make them easier to manage and may reduce charges, but it is not right for everyone – some older pensions hold valuable guarantees that would be lost on transfer. It is a decision that benefits from regulated advice. We explain the pros, cons and what to watch for on our pension transfer and consolidation advice page. If you first need to find the pensions you want to combine, Pension Pie can trace them for you.
Sometimes, but it is rarely the right move, and where the transfer value is more than £30,000 you are required by law to take regulated advice first. A guaranteed income for life is valuable and giving it up suits very few people. An FCA-authorised adviser can assess whether it makes sense in your case – more on our transfer and consolidation page.
From age 55 (rising to 57 from April 2028) you can usually start taking money from a defined contribution pension, normally up to 25% tax-free. The main options are an annuity, drawdown, taking lump sums, or a blend – and the right choice depends on your circumstances, because most of these decisions cannot be undone. We explain each option on our how to take your pension page. Free, impartial guidance is also available from the government’s Pension Wise service via MoneyHelper.
That depends not just on the size of your pension but on how long it needs to last and the income you want. Many people who could comfortably retire hold off simply because they are not sure their money will last. A clear retirement income plan can turn that uncertainty into an answer. We cover this on our can I afford to retire page, and can introduce you to an adviser who can build a plan around your circumstances.
From 6 April 2027, most unused pension funds are due to count towards your estate for inheritance tax for the first time – a significant change that many people are unaware of. Whether any tax is due depends on the size of your estate and your circumstances. We explain the change and what it could mean on our pensions and inheritance tax page. Pensions Advice UK does not provide tax advice.
Inheritance tax is charged at 40% above your tax-free allowances, but with planning it can often be reduced and sometimes removed – through gift allowances, the seven-year rule, spousal transfers, trusts and other reliefs. The simple allowances are straightforward; the larger savings usually need professional advice to get right. We explain the main options and provide an inheritance tax estimator on our inheritance tax planning page. Pensions Advice UK does not provide tax advice and acts solely as an introducer.
Any advice or recommendation you receive will be provided by a firm authorised and regulated by the Financial Conduct Authority. You can check any firm or adviser on the FCA Register. Pensions Advice UK is not authorised by the FCA and does not give advice – we act solely as an introducer to authorised firms, who are responsible for the advice and services they provide.
Nothing. Submitting an enquiry and being introduced to an adviser is free. If you go on to take advice, the authorised firm will explain its charges to you in full before you decide to proceed – you are never committed to anything by making an enquiry. If you only want to find old pensions, Pension Pie offers a dedicated tracing service with clear, fixed pricing.
A sensible order is to find out what you have first, then decide whether you want advice. Start by tracing your old pensions with Pension Pie so you have a complete picture. Once you know what you hold, if you would like regulated advice on combining them, planning your retirement income or reducing tax, we can introduce you to an FCA-authorised adviser. That way the advice is based on your full position, not a partial one.
Pension tracing is provided by Pension Pie, a dedicated non-advisory tracing service. For regulated advice, we can introduce you to an FCA-authorised adviser – book a call.
NOTE: (We do not provide financial advice. We act solely as an introducer)
Billions in Unclaimed Funds!
There are billions of pounds sitting in unclaimed and forgotten pension savings across the UK. It is well worth checking whether some of it is yours. Trace your lost pensions with Pension Pie.
