Pension advice
Pension Drawdown Advice: Find the Right Financial Adviser
Pension drawdown (usually flexi-access drawdown) is one way of taking benefits from a defined contribution pension. You can usually take up to 25% of your pension as tax-free cash, subject to your available lump sum allowance and any scheme rules, while leaving the rest invested and taking income as needed. Your remaining pension stays exposed to investment risk, its value can fall as well as rise, income is not guaranteed, and withdrawals can reduce how long your pension lasts.
Financiable® is a free adviser-matching service. We can introduce you to a pension adviser who provides advice through a firm authorised and regulated by the Financial Conduct Authority (FCA). The adviser can assess your circumstances and discuss whether drawdown may be suitable for you.
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How to get pension drawdown advice
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Tell us what you’re looking for
Submit a short enquiry with a few details about your situation. It only takes a couple of minutes.
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Speak to our team
One of our specialists will call to discuss your objectives, and learn what you’d like advice on and where you’re based. There’s no advice given at this stage — we’re simply making sure we understand what you need.
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Get matched with a suitable adviser
We’ll introduce you to an adviser from our panel who is well suited to your circumstances and location.
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Attend your free consultation
Meet your adviser who can discuss pension drawdown options with you. The initial consultation is free and there’s no obligation to proceed. If you choose to take advice or an ongoing service, the adviser will explain any charges before you commit.
When should you seek pension drawdown advice?
Drawdown is one of several ways to take retirement income. You may wish to consider regulated financial advice where your retirement decisions are more complex, for example when:
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Your pensions are spread across several schemes
Getting a clear picture of what you hold usually needs to happen before you decide how to draw from it.
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You’re unsure how much you can safely withdraw
A sustainable income depends on your pot size, your investments, your other sources of income and how long you need it to last.
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You have other income to factor in
State Pension, rental income, part-time work or a partner’s pension can all affect the timing and size of withdrawals.
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You want to understand what happens to your pension later
How a pension passes on, and how it’s treated, can differ meaningfully between the options available to you.
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Your circumstances have changed
Retiring earlier than planned, a change in health, or an inheritance can all be reasons to revisit a decision you’ve already made.
Why choose Financiable®?
Features of Financiable®’s adviser-matching service include:
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Advice through FCA-authorised firm
Every adviser we introduce provides advice through a firm that is authorised and regulated by the Financial Conduct Authority for the relevant regulated activities.
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Matched to your circumstances
We offer a tailored approach. Our team speaks to you first, then introduces you to an adviser from an FCA-authorised firm suited to your objectives and location.
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Nationwide coverage
The advisers we can connect you with offer drawdown pension advice across the UK, with face-to-face, phone and video options.
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Free to use
There’s no charge for our service, and no obligation to proceed after your initial consultation. If you choose to take advice or an ongoing service, adviser charges may apply and will be explained before you commit.
Ready to talk through your options? Get in touch with our team who will be happy to answer any questions or concerns.
Contact usRelated pension services
Drawdown often sits alongside other retirement decisions. Other options your pension adviser may discuss with you include:
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Combining pensions
If you’ve built up pension pots across several employers, combining them may make administration simpler. However, transferring or combining pensions can mean giving up valuable benefits, guarantees or favourable charges, so it is important to consider the features of each existing pension before acting.
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Pension switching
Moving a pension to a different scheme or provider may offer different charges, investment options or features. A transfer can also involve costs or the loss of valuable benefits or guarantees, so suitability should be assessed before you act.
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Annuities
Exchanging some or all of your pot for a guaranteed income. Some people use an annuity to cover essential spending and keep the rest in drawdown for flexibility. Annuity options, rates and features vary, and the decision is generally impossible to reverse once the annuity is set up.
Regulatory status and consumer protections
Financiable® is a trading style of TFAS Wealth Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). Advisers on our panel provide advice through FCA-authorised firms. You can check a firm’s status, permissions and current details on the FCA Register.
Using an FCA-authorised firm can give you access to regulatory protections, depending on the service provided and your eligibility. If you are unhappy with regulated advice, you can usually complain to the firm and may be able to refer an eligible complaint to the Financial Ombudsman Service. If an authorised firm has failed and cannot meet a valid claim, the Financial Services Compensation Scheme may provide compensation, subject to its eligibility rules and limits.
No pressure, no obligation. Your initial consultation is free and there’s nothing to commit to.
FAQs
What is pension drawdown?
In the UK, a pension drawdown — usually flexi-access drawdown — allows you to leave your defined contribution pension invested while taking money from it as income. You can usually take up to 25% as tax-free cash, subject to your available lump sum allowance, any protected allowance and your scheme’s rules. The remainder can stay invested and be drawn as needed. Its value can go down as well as up, income is not guaranteed and withdrawals reduce the amount left invested.
Do I need a financial adviser for pension drawdown?
For many defined contribution pensions, there is no general legal requirement to take advice before entering drawdown. However, regulated advice can be required for certain transfers involving safeguarded benefits.
Whether drawdown is suitable for you depends on your circumstances. Drawdown puts responsibility for managing your money on you — how much you withdraw, how the rest stays invested and how withdrawals are taxed all interact. A regulated adviser can assess your circumstances and make a personal recommendation. Regulatory protections may apply depending on the service and your eligibility.
If you’re 50 or over, Pension Wise from MoneyHelper offers free, impartial guidance backed by the Government.
Financiable® does not provide personal financial advice. We can arrange a free initial consultation with an adviser who provides advice through an FCA-authorised firm, with no obligation to proceed.
How much does pension drawdown advice cost?
Pension drawdown adviser costs and charges vary. Some charge a percentage of the pension being advised on, others a fixed fee or an hourly rate, and there may be an ongoing charge if you want your drawdown reviewed each year. An adviser will explain their charges clearly before you commit to anything. Your initial consultation through Financiable® is free.
How much tax do I pay on pension drawdown?
You can usually take up to 25% of your pension as tax-free cash, subject to your available lump sum allowance and any protected allowance you may have. Other withdrawals from drawdown are generally taxable as pension income and can affect the rate of Income Tax you pay. An emergency tax code can sometimes apply to an initial flexible withdrawal. Tax treatment depends on your individual circumstances and may change. An adviser or tax specialist can explain how this applies to you.
Can I change pension drawdown providers?
It is generally possible to move an existing drawdown arrangement to another provider. Whether a transfer is suitable depends on factors including charges, investment options, features, exit costs and any benefits or guarantees you could lose. Consider these before acting and discuss the transfer with an adviser if you are unsure.
What are the risks of pension drawdown?
Risks of pension drawdown include:
- Your pot stays invested, so it can fall in value
- Your income isn’t guaranteed
- You could run out of money if you live longer than expected or withdraw too much too soon
- Drawing income while markets are down means selling more units to fund the same withdrawal
- Withdrawals above your tax-free cash are taxable
- Extra income or savings can affect means-tested benefits.
- Taking certain taxable flexible pension income can trigger the Money Purchase Annual Allowance, which restricts the amount you can contribute to defined contribution pensions with tax relief without an annual allowance charge.
- It needs regular review rather than setting and forgetting.
An adviser can help you weigh these against your circumstances and set up a plan you can review as things change.
Ready to talk to someone about your pension?
It starts with your postcode, and your first consultation is free.
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