There are many useful sources of financial advice available to those preparing for retirement or semi-retirement.

Why should I get advice?

When you’re coming up to retirement you have lots of decisions to make. Being a defined benefit scheme, your BTPS pension gives you certainty over the amount of pension you will get. But you may have other pensions or investments to look at as well. Choosing the best way to fund your retirement can be one of the biggest decisions you make. So it’s good to get some help and advice.

Get some free help first

The Money and Pensions Service is an umbrella for three services providing guidance in relation to money and pensions: Pension Wise, the Pensions Advisory Service and the Money Advice Service. These services are available to help you to understand your options.

Pension Wise and the Pensions Advisory Service provide free and impartial guidance on pensions. The Money Advice Service provides money guides, tools and calculators to help improve individuals' finances.

We recommend you use the Money and Pensions Service and consider taking financial advice to help you understand which pension option is most suitable to you.

If you have additional voluntary contributions (AVCs) or other defined contribution (or money purchase) pensions elsewhere, Pension Wise can be accessed through the Pension Wise website, by phone or face to face. Go to pensionwise.gov.uk for more information about your options or to book a one to one appointment. You can also call 0800 138 3944 between 8am and 10pm every day to book an appointment. If you’re outside the UK call +44 (0) 203 733 3495.

The Money and Pensions Service can be accessed at the following website moneyandpensionsservice.org.uk or you can call them on 01159 659570.

Find an independent financial adviser who specialises in retirement advice

Consider talking to a financial adviser who is authorised and regulated by the Financial Conduct Authority (FCA). You can find one near you by visiting www.moneyadviceservice.org.uk.

BT’s retirement advice arrangement - available from 1 June 2021

Alternatively, to support employees in making informed decisions regarding their retirement, BT has negotiated preferential rates with two financial advisers regulated by the Financial Conduct Authority. BT has made this service available to all BTPS members. These advisers offer “whole of market” advice, which means they are not tied to any particular financial product or company. They are also independent from BT and BTPS.

Please note that this is a service offered by BT rather than BTPS. BT has the right to discontinue this offering, or amend these arrangements, at any time. The BTPS Trustee has not been involved in the selection or appointment of these financial advisers. This note is not a recommendation of the capability of, or the services available from, BT’s selected advisers, but is merely to inform you of the availability of their services.

HUB Pension Consulting Logo

Helpline number: 0800 029 3769
Monday-Friday, 9am-5pm
Closed on bank holidays
Website address: hubpensionconsulting.co.uk/BT
email address: retirementadviceBT@hubpc.co.uk

WPS Advisory Logo

Helpline number: 0808 145 9874 (UK)
0203 282 7998 (Overseas)
Monday-Friday, 8:30am-5:30pm
Closed on bank holidays
Website address: bt.wpsadvisory.com
email address: retirementadviceBT@ukwps.com

Remember that the decision to take financial advice and who you choose to help you is a personal decision, and you are free to choose your financial adviser (there is no obligation to use BT's selected advisers).

Pension Transfer Gold Standard

If you’re considering transferring your BTPS pension to another scheme it’s a big decision. If the transfer value of your benefits are over £30,000, by law, you must get financial advice.

Always check your adviser is qualified to give pension transfer advice. Ideally, find a pensions adviser with the Pension Transfer Gold Standard accreditation. This is a voluntary code of conduct specific to those giving advice on defined benefit pension transfers. You can read the Personal Finance Society’s Pension Transfer Gold Standard consumer guide online at thepfs.org.