What's the difference between pensions guidance and pensions advice?
These two similar words have distinct differences in financial services.
Guidance
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.
Advice
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.
Questions about taking your pension
Are there different ways to take your pension?
Do all pension providers offer the same products?
Why are you being asked if you received guidance from Pension Wise?
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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