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Financial Conduct Authority Registered Pension Specialists

The Cost of Pension Advice: Common Misconceptions & What It Really Costs to Get Help

Worried About the Cost of Pension Advice? Discover what’s free, what isn’t – and how pension advice could pay for itself. 
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Pension Consolidation | Transfers | Drawdown & Annuities | Free Pension Reviews & Tracing

Financial Conduct Authority Registered Pension Specialists             

The Real Cost of Pension Advice

When it comes to pensions, there’s a lot of confusion out there – especially around fees, services, and whether getting advice is even worth it.

At Beals Wealth Management, we offer a full range of pension services – from tracing lost pensions to reviewing and consolidating your existing pots – but one thing we hear often is:

“I can’t afford pension advice.”

Many services are free, and where there is a fee, it usually doesn’t come out of your pocket.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Common Misconceptions Around Pension Advice

Let’s break down some of the biggest misconceptions around pension advice and explain exactly what you can expect when working with a qualified financial adviser like us.

Misconception: Pension advice is expensive and you have to pay upfront.

Reality: Most of our pension-related services are completely free. And even when there's a fee, it's not paid directly by you – it comes out of your pension fund, if you choose to proceed.

You’re only charged if you choose to go ahead after receiving advice. The fee comes out of your pension pot, not your bank account!

Pension Services:
Cost:
Pension Review
FREE
Pension Tracing
FREE
Pension Drawdown
Advice is free; Implementation fee (0-4% of fund value) 
Pension Annuities
Advice is free; Implementation fee (0-4% of fund value) 
Pension Consolidation
Implementation fee (0-4% of fund value) 
Pension Transfer
Implementation fee (0-4% of fund value) 

Misconception: The Pension fee comes out of your bank account.

Reality: For services like consolidation or transfers, any fees you agree to are taken directly from your pension fund – not from your savings or salary.
For example, if your pension is worth £100,000 and the agreed fee is 2%, that £2,000 comes from your pension balance after all recommendations are made and you’ve chosen to proceed. You won’t be sent an invoice or asked to pay upfront.

Misconception: You can't transfer a pension under £30,000.

Reality: It is possible to transfer a Defined Benefit (DB) or Defined Contribution (DC) pension under £30,000 without taking financial advice. This is known as a non-advised transfer. However, the receiving pension scheme must allow transfers under £30,000 to be completed on a non-advised basis – and not all schemes do.
Benefits of No Transfer: Defined Benefit (DB) pensions – also known as final salary schemes – are often best left where they are. They come with valuable, guaranteed benefits that can be difficult – or even impossible – to replicate elsewhere, which is why great care should be taken before considering a transfer.
If you're unsure whether a transfer is suitable for your circumstances, speaking to a qualified financial adviser is the best way to make an informed decision.
Transferring out of a Final Salary scheme/Defined Benefit Scheme is unlikely to be in the best interests of or be suitable for most people.

Why Choose Us

Why our clients choose Beals Wealth Management for Pension & Retirement Advice:
Financial Conduct Authority Registered Pension Specialists
Always transparent 
about fees
No pressure, no obligation – just honest advice
Rated Excellent - Over 500 Online Reviews
Financial Conduct Authority Registered Pension Specialists

Book Your Free Pension Review Today

We offer complimentary consultations with a local financial adviser, including a free review of your pensions and investments, along with our expert recommendations. It's free, no-obligation, no pressure. Fees only apply if you choose to proceed with our advisers recommendations, we will make you aware of any associated costs from the start.
BOOK YOUR CONSULTATIONMEET OUR ADVISERS

Financial Conduct Authority Registered Pension Specialists

Our Most Popular Pension Services

Whether you're unsure where your pensions are, wondering if you should consolidate old pots, or planning how to access your money in retirement – we can help.

Here’s how we support clients across the UK:

Pension Tracing: Lost track of old workplace pensions? We can find them – completely free.
Pension Reviews: We’ll assess your current pensions and tell you whether they’re working hard enough for your future – also free.
Drawdown & Annuities: Thinking about taking money from your pension? We’ll explain your options and what suits your retirement goals.
Consolidation & Transfers: We’ll only recommend changes if they’ll benefit you. All advice for consolidation and transfers on Defined Contribution Pensions is free – you only pay a fee if you proceed with a transfer or consolidation.

Your Appointment, Your Way!

Prefer to meet face-to-face? Our advisers are happy to welcome you into our local office, visit you at home, or even a local cafe. We also offer phone and video appointments – so whether you're at home, at work, or on the go, our financial advice fits around your lifestyle.
Financial Adviser Fareham

In Person

Financial Adviser Fareham

Telephone

Financial Adviser Fareham

Video Call

Financial Conduct Authority Registered Pension Specialists

Book Your Free Pension Review

If you want to better understand your pension options – with no pressure or obligation – get in touch with our team today. We’re here to help you make confident decisions about your retirement.

Our service includes a free review of your pensions and includes our recommendations, if you decide to accept our recommendations a fee may be charged.
01489 585 548
Cost of Pension Advice: Free Consultations

Tax treatment varies according to individual circumstances and is subject to change.

The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

Approver Quilter Financial Services Limited. March 2025

Registered office address: Unit 1 Fulcrum 2 Solent Way, Whiteley, Fareham, England, PO15 7FN. Registered in England and Wales under reference 08286166
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