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
In June 2021, the Money and Pensions Service brought its three consumer services together under the new name, MoneyHelper. So, the Money Advice Service, The Pensions Advisory Service and Pension Wise now all come under MoneyHelper.
MoneyHelper is here to make your money and pension choices clearer. It provides impartial help, backed by government and free to use. Whatever your circumstances or plans, online or over the phone, you'll get clear money and pensions guidance, and pointers to trusted services if you need more support.
We recommend you use MoneyHelper and consider taking financial advice to help you understand which pension option is most suitable to you.
Visit moneyhelper.org.uk
for more information.
If you have additional voluntary
contributions (AVCs) or other defined contribution (or money purchase) pensions
elsewhere and are over 50, Pension Wise (part of MoneyHelper) offers free, impartial guidance about your options in relation to AVCs.
If you are over 50, you can call Pension Wise on 0800 138 3944 (+44 20 3733 3495 from overseas) between 8am and 6:30pm Monday to Friday to book an appointment or you can go to the MoneyHelper website and book online.
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). MoneyHelper can also help you to find a retirement adviser with their retirement adviser directory.
BT’s retirement advice
arrangement
Alternatively, to support employees in
making informed decisions regarding their retirement, BT has negotiated
preferential rates with two firms of financial advisers, both regulated by the Financial
Conduct Authority to provide retirement advice. BT has also made this service available to all active and deferred BTPS members, regardless of whether you are a current employee or not.
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 an arrangement put in place by BT rather than BTPS. BT has the right to discontinue,
or amend this arrangement, 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, the two financial adviser firms below, but is merely to inform you of the
availability of their services.
Once you have registered with your selected adviser, they will ask BTPS to produce a transfer quote and a retirement quote which will be used for your advice consultation. Your quote will be available to view and download in the 'My Documents' section of the BTPS member portal. If you haven't already done so, you can register for the portal at btps.co.uk. If you have an existing transfer quote, still within its three month guarantee period, we won't send you another one. Instead, we will share details of that quote with your adviser. As the advice process can take two to three months, if you are actively considering transferring out, be aware of your guarantee expiry date as you progress through the advice process.
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 the financial adviser firms listed above).
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.