Your Pension, Your Legacy · Guide 03
Questions to Ask a Financial Adviser
Turn what you have learned into a useful conversation about your pension, your family and your wishes.
You do not need all the answers before speaking to someone. Start with the questions that matter to you, and gather the information you already have.
← Back to home01 · Start with what matters
What would you like the conversation to help you understand?
You might want to understand what your pension provides, what could happen after your death, or how the April 2027 change connects with your wider estate.
Write down your main concern in your own words. For example:
“I want to understand what my family could receive, while making sure I have enough income for my own retirement.”
Other useful starting points are who you want to provide for, any financial commitments you have, and whether your circumstances have changed recently.
You can bring this guide with you. It is a preparation aid, not a recommendation to change your arrangements.
02 · Questions to take with you
You do not need to ask everything at once.
Choose the sections relevant to you. Open each group to see suggested questions.
Understanding my pensions
- What type of pension is each of my arrangements?
- What income or benefits does each provide, and what charges apply?
- Are there guarantees, protections or other features I should understand?
- What information is missing before you can advise me?
What happens when I die?
- What benefits could each arrangement pay after my death?
- Who could receive them, and who makes that decision?
- What nomination or expression of wish is currently recorded?
- How do those instructions relate to my will?
- Would different circumstances change what my partner or other beneficiaries receive?
Understanding inheritance tax and April 2027
- Which of my pension benefits could fall within the new rules?
- Are any benefits excluded, and why?
- How do my pensions fit with my home, savings, debts and other assets?
- Which allowances, exemptions or reliefs might be relevant, and what conditions apply?
- Could income tax also be relevant for someone receiving my pension?
- Which parts of the answer depend on assumptions or guidance that may develop?
Protecting my retirement and considering options
- How much income might I need over retirement?
- How would any suggested change affect my access to money and future income?
- What are the benefits, costs and risks of each option?
- What would the implications be if I left my arrangements unchanged?
- Could a change affect guarantees, other taxes or benefits?
- Which decisions would be difficult or impossible to reverse?
My family, wishes and other professional advice
- How should I record the people I want to provide for?
- Are there issues relating to an unmarried partner, dependants or a blended family?
- Would it help for someone else to attend the discussion with me?
- Which questions need a solicitor or tax specialist?
- Who will coordinate the advice if more than one professional is involved?
03 · A practical checklist
Gather what you can. Leave gaps where you need help.
Tick items as you prepare. These ticks are not sent anywhere or saved by this page, and may reset when it is reopened. To keep a copy, use your browser’s Print option or press Ctrl+P and choose Save as PDF.
There is no need to enter values, account details or documents on this page. Ask the adviser how to share information securely and which documents they actually need.
04 · Understand the advice process
Ask how the service will work.
Before proceeding, make sure you understand what you are agreeing to. Useful questions include:
- What does your service cover, and what is outside its scope?
- What will it cost, when will I pay, and are there any ongoing fees?
- Will I receive a written explanation of your recommendations?
- Which assumptions will you use, and how will you explain the risks?
- What ongoing review, if any, is included?
- What should I do if my circumstances or the rules change?
Ask for unfamiliar terms to be explained. It is reasonable to take time to understand the information before making a decision.
05 · After the conversation
Leave with a clear record of the next steps.
Write down what has been agreed, what remains unanswered, who will do what and when you will hear back. Keep the advice and any supporting documents together.
A headline about tax is not, by itself, a reason to withdraw a pension, make gifts or change arrangements. Any personal recommendation should consider your needs and the wider consequences.
Continue reading
Return to the information whenever you need it.
This educational resource is sponsored by Wealth Lab Financial Services LLP. You can continue reading without making an enquiry.
Sponsored by Wealth Lab Financial Services LLP.
This checklist helps you prepare for a discussion. It does not assess your finances or recommend a course of action. Personal financial, tax or legal advice should reflect your individual circumstances.