What's the difference between pensions guidance and pensions advice?

These two similar words have distinct differences in financial services.


An organisation providing guidance won’t make a personal recommendation. They’ll give you the facts you need and explain the choices open to you. But they’ll leave you to choose what you want to do.

Someone offering guidance:

  • may take a commission from any product you buy from them.
  • isn’t providing advice, so it's difficult to hold them to account if you get the wrong product.
  • doesn’t have to hold professional qualifications, though many will have.


When seeking financial ‘advice’ you’ll be asked specific questions about your finances. And after a review of your situation, the adviser will recommend what action you should take.

Someone offering advice:

  • must hold professional financial qualifications in the areas of advice they provide.
  • is liable for the advice they give, so if it’s wrong you could seek compensation.
  • can receive a commission and may charge you a fee for their service.

Free impartial advice

From 1 June 2022, pensions providers are required to refer customers to Pension Wise guidance and explain the nature and purpose of this guidance, when they decide to access their pension savings. 

  • About Pension Wise

    Pension Wise is a government service from MoneyHelper that offers free impartial pension guidance about your defined contribution pension options

    Available if you’re 50 or over, they offer telephone or face-to-face appointments with highly trained professionals.

    Pension Wise logo

    It's important to have your free Pension Wise guidance appointment before you are ready to access your pension.

  • What to expect at your appointment

    Pension Wise guidance

    What will you get at your Pension Wise appointment?

    • Guidance on how to make the best use of your pension pot (they won’t give a recommendation).
    • Information about tax when taking money from your pension
    • Tips on getting the best option for you, including how to compare products, get financial advice and avoid scams
  • Book your appointment

    Are you ready
    to book your free
    Pension Wise

    To find out more or book an appointment online click below or call.

    0800 100 166
    8am to 8pm, Monday to Friday.
    Calls may be recorded and monitored.

Questions about taking your pension

Need some help?

Making well-informed decisions about how to finance your retirement is important so it’s worth shopping around and using available guidance and advice, before you buy. Other providers may have more appropriate products or be able to offer a higher level of retirement income.


Retirement guidance

Pension Wise from MoneyHelper

The government’s free and impartial service, offering guidance to make money and pension choices clearer.

To find out more or book an appointment online click below or call.

0800 100 166
8am to 8pm, Monday to Friday.
Calls may be recorded and monitored.

Speak to us

Our colleagues in Cardiff are always happy to answer your questions or help you apply for a quote.

0800 048 2446

Monday to Friday
9am to 5pm
We may record and monitor calls.

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