How much do I need to save in my pension? Getting some advice about my pension situation

How much save in my pension 4

Once you’ve spent a lifetime building up your retirement fund and hit your savings goals, you’ll need assistance to make the next step.

The sweeping pension changes that have been announced have created some even more complex choices for those planning for their retirement. What to do with your pension pot when you stop working depends on your personal circumstances.

Which? online content will help you to navigate this potential minefield – visit the retirement planning part of our website for all you need to know.

You’ll also need to also get some more formal, tailored advice or guidance. We outline your options below.

Pension Wise

George Osborne announced in July 2014 that people will get free, impartial advice on what to do with the money in their defined contribution schemes (DC) as part of the major pension changes.

The guidance session, known as Pension Wise, is being delivered by The Pensions Advisory Service (TPAS) and the Citizens Advice Bureau (CAB) .

Pension Wise - find out more.

The guidance session is being provided face-to-face by CAB or over the phone by TPAS. You should use your guidance session as starting point in making your decision about your retirement money.

Anyone aged 50+ with a DC pension who is approaching retirement and would like the chance to access the Pension Wise service can call on 0800 138 3944 or visit

Independent financial adviser (IFA)

Choosing how to convert your pension fund into retirement income is one of the most important financial decisions of your life and you should seek independent financial advice before you finalise your strategy.

Seeing an IFA could happen before or after your guidance session, but it should definitely form part of your decision-making process.

Choosing a financial adviserfind out more.

Your company pension adviser

Before you retire from employment you should have access to someone within your organisation to ask questions about your company final salary or money purchase scheme.

The individual concerned will be in charge of pension administration and be able to answer questions about how your contributions are invested and what charges are incurred on your fund.

You might also want to consider consolidating any different pension pots into one fund with the help of your pensions administrator to minimise charges and simplify your affairs, but beware exit penalties from your schemes and how on to plans with Guaranteed Annuity Rates (GARs).

Which? Money Helpline and content

If you’re a Which? member you can call our free Money Helpline to get some assistance on your financial affairs.

The service will provide one to one help and guidance on any personal finance matters over the telephone. Every month we help hundreds of members solve a range of personal finance issues, many to do with retirement planning.

If you’re not a Which? member, and you’d like to speak to our money experts, you can subscribe for just £1 for one month.

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Last updated:

May 2016

Updated by:

Paul Davies

Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.