How much does pension advice cost?

01What it comes to in pounds

Arithmetic on the FCA's 2025 median ranges, before any tiering, cap or minimum fee a firm applies. Not a quote. Platform and fund charges are paid on top; see total cost of advice. Many firms charge a fixed fee instead: in 2025, 1,630 UK firms typically charged a fixed fee for initial advice.

02Different questions, different prices

• One question about your pensions, such as whether to combine old pots, often suits a fixed fee or one-off advice. See pension consolidation and one-off advice.
• Deciding how to take your pension at retirement: drawdown, an annuity, lump sums or a mix. This is a larger piece of work, often priced as initial advice.
• Running a drawdown pension over the years usually comes with an ongoing service and an ongoing fee.
• Transferring out of a final salary scheme is priced differently and has its own rules: see what DB transfer advice costs.

03The conflict to be aware of at retirement

In its review of retirement income advice (TR24/1, March 2024), the FCA said firms have potential conflicts of interest "because solutions where the consumer's pension remains invested give firms the opportunity to provide and charge for ongoing retirement income advice, whereas annuities do not."

That does not make drawdown the wrong answer, but it is worth asking the adviser to set out the cost of each option in pounds, including any ongoing fee over the years you expect to keep it. The same review found 67% of the advice files it could assess were suitable, 11% raised suitability concerns and 22% had gaps that prevented a full assessment. It also said firms "should not charge customers for services that are not delivered".

04Paying the fee

Pension advice fees are often taken from the pension itself, and up to £500 can be paid from a defined contribution pension through the pension advice allowance. Our guide on paying adviser fees from your pension or ISA explains the rules and the tax effect.

05Free help first

Pension Wise offers free, impartial guidance on your options for a defined contribution pension if you are 50 or over. It will not tell you what to do, but it can narrow the question you pay an adviser to answer. Since 6 April 2026, your pension provider may also offer targeted support. Our guide to turning a pension pot into income covers the options themselves.

06Common questions