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

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.

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.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

❌Misconception 1: 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.

Here's the breakdown:

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

❌ Misconception 2: The 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 3: 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.

✅ What You Can Do With Our Help

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.

Why Clients Choose Beals Wealth Management for Pension & Retirement Advice

• ✅ Financial Conduct Authority Registered Pension Specialists
• ✅ Transparent about fees – always
• ✅ No pressure, no obligation – just honest advice
• ✅ Clear recommendations, tailored to you
• ✅ Rated Excellent on Google & Trustpilot

Approver Quilter Financial Services Limited and Quilter Mortgage Planning Limited -  July 2025.