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Who can offer pensions advice?

Firms must be authorised by the Financial Services Authority (FSA) to advise on financial products such as personal pensions. This means they must follow certain rules and standards when dealing with you.

Meaning of financial advice

When you get financial advice, the financial adviser looks at your individual circumstances and needs and recommends financial products to meet them.

'Keyfacts' documents describing service and costs

Under FSA rules financial advisers must give you two 'Keyfacts' documents: 'About our service' and 'About the cost of our service'. These explain:

'Key features' document describing the pension product

Before you buy, the financial adviser must also give you a 'Key features document' that explains important details, like:

• Keyfacts documents - learn more on the FSA website Opens new window
• Financial advice and key features documents – learn more Opens new window

Basic advice on stakeholder products

Some advisers are authorised to offer 'basic advice' on stakeholder products, including stakeholder pensions. Stakeholder pensions meet government standards on things like low cost and flexibility.

Basic advice is a simpler, quicker and lower-cost form of financial advice for stakeholder products only. The adviser will ask you about your income, savings and other circumstances from a script, but won't conduct a full assessment of your needs. 

If an adviser offers basic advice this will be made clear in the Keyfacts document 'About our services'.

If at any time during this process you feel that your needs would be better served by a product outside the stakeholder range, then you should seek full advice.

• More on stakeholder products from the FSA Opens new window
• Stakeholder pensions – learn more

How to check whether a firm is authorised

If you want to check whether a firm you're dealing with is authorised you can use the FSA's online Firm Check service or call the FSA Consumer Helpline on 0845 606 1234. Lines are open 8.00 am to 6.00 pm Monday to Friday.

• Use the FSA online firm check service Opens new window

Finding and using a financial adviser

There are several ways you can find a financial adviser. You can:

• Contact details for financial advisers from the FSA Opens new window

Buying without advice

You can invest in a pension based on 'information only', after shopping around. But it's important to be aware that you have fewer rights to cancel or complain if you buy an investment product without taking financial advice. Read the details in the related pages.

• How to shop around for financial products
• Know your financial rights

Advice on company pensions

A financial adviser should ask whether your employer offers a company pension scheme before suggesting a personal pension. If your company does offer a scheme it's usually a good idea to join, especially if your employer contributes. To find out more you'll need to talk to your HR department. Read 'Understanding company pensions' to find out more.

• Understanding company pensions

More useful links

• More about getting financial advice from the FSA Opens new window
• Managing money – general information
• Information from The Pension Service Opens new window
• Early retirement – effect on your pension