Retirement Advice

Q: Are there different ways to take your pension?

Yes - products will vary in the features provided, key considerations when looking at options for accessing your pension include: Flexibility Period of payout Lump sum Market risk Guaranteed income

Q: Do all pension providers offer the same products?

No - Different providers may have higher rates of payment, different options, features, qualifying criteria and charges. The options they offer could have different tax implications for you.

Q: I've managed my pension investments well so far, I really need to pay for advice?

Retirement planning goes beyond just picking investments. Financial advice covers everything from managing taxes and benefits to complex financial products like annuities, helping your retirement income last as long as you need it to.

Q: I don't have a big pension pot, could advice help me?

Financial advice can help everyone, regardless of how much you earn or have saved. This service is aimed at people with at least £20,000 in their pension pot. If you have less than that and are aged 50+, you can book an appointment with Pension Wise for free, impartial guidance.

Q: How can financial advice help me plan my retirement?

You’ll get access to years of expertise and insights, helping you navigate the complexities of retirement planning. That includes understanding your savings choices, seeing which retirement income products could be best suited to you, and making sure you’re on track to achieve your retirement goals.

Q: Is it too early to think about my pension savings?

It’s never too early to start saving into a pension – in fact, the earlier you start the better. Your money has more time to hopefully grow (though of course its value can also go down). That means you might not have to save as much later on to achieve your retirement dreams – and if you make the right long-term investment decisions you might even be able to retire early.

Q: Is it too late for advice to help me grow my pension pot?

Even if you're retiring right now, advice can still be useful. Advisers can help you in many different ways. They can show you how to get the most out of your existing assets, top up any gaps in your State Pension, turn your pension pot into the best possible retirement income, find any lost pensions or even put back your retirement if you want to keep saving for a little longer.

Pension planning advice from our team of expert financial advisers.

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Helping you achieve your ideal retirement

Our retirement advice team will give you tailored financial advice, so you can make the best choices for you and your family. And because they’re independent advisers, they don’t just look at our products. If another provider offers a better option, they’ll recommend them instead.

Retirement advice is fully regulated by the FCA and provided by Legal & General Financial Advice, as part of the Legal & General Group.

Our advisers turn your goal into a practical plan

Our advisers will help you:

Look at your finances and goals, and estimate how much you’ll need when you retire.
Make sure you’re on track to save enough – and if not, suggest ways of saving more.
Wrap it all up in a tailored plan that includes clear, practical next steps.

What will my adviser do?

Depending on your needs and circumstances, your adviser can:

Fully review your current financial arrangements.
Look at ways you could grow your retirement income.
Help you understand the different ways of accessing your pension savings.
Explain how to draw on your savings and investments in a tax-efficient way.
Give you access to ongoing support to keep your plans on track.

Start planning your ideal retirement:

0808 304 6861

Our team is available between 9am and 5pm, Monday to Friday. Calls may be monitored and recorded.

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FAQs

What is the difference between advice and guidance?

An organisation providing guidance won’t make a personal recommendation. They’ll give you the facts you need and explain the choices open to you. But they’ll leave you to choose what you want to do. When seeking financial ‘advice’ you’ll be asked specific questions about your finances. And after a review of your situation, the adviser will recommend what action you should take.

Are there different ways to take your pension?

Do all pension providers offer the same products?

I've managed my pension investments well so far, I really need to pay for advice?

I don't have a big pension pot, could advice help me?

How can financial advice help me plan my retirement?

Is it too early to think about my pension savings?

Is it too late for advice to help me grow my pension pot?

Will the State Pension be enough to pay for my retirement?

The State Pension could make a difference to your retirement - but will it cover your ideal later lifestyle?

For the 2023/24 tax year, the full State Pension is £203.85 a week, if you’ve paid National Insurance for the full 35 years. That adds up to £10,600 a year. Would that support your ideal retirement lifestyle? Of course, you might be part of a couple. The two of you will get £21,200 a year – but that’s much lower than the £28,000 yearly income Which? suggested would be needed for a couple to enjoy a comfortable retirement.

Advice can help you identify other sources and solutions that could help plug any gap between the State Pension and the retirement you'd like.

Need some help?

There are different retirement income products to choose from and the rates they offer can vary. Shop around to make sure you get the best deal for your situation and use available guidance and advice services before you apply. Other providers may have more appropriate products or be able to offer a higher level of retirement income.

Retirement guidance

Pension Wise from MoneyHelper

You can get guidance from the government's free and impartial service to help make your money and pension choices clearer.

The availability of appointments can vary between a few days and several weeks, so if you need guidance, it's a good idea to book an appointment slot now:

0800 100 166
Monday to Friday 9am to 5pm.
Calls may be recorded and monitored.

Book an appointment

Speak with us

Our colleagues in Cardiff are always happy to answer your questions or help you apply for a quote.

Coop Member helpline 0345 026 8689

Coop Bank Member helpline 0345 070 1148

Or to find out about our Retirement Advice service call 0808 304 6861.

Monday to Friday
9am to 5pm
Call charges will vary. We may record and monitor calls.

Get financial advice

Financial advisers can give you professional advice for pension planning.

You usually need to pay for their service and in return they recommend how to make the most of your pension given your circumstances.

To find and compare financial advisers please visit their website below.

Find an independent adviser