hTTi

Hi everyone,
I hope this is the right category for this:
UK citizen, resident in Germany. Private pension pot in the UK and pension age approached. Due to the size of the pension pot it is mandatory to obtain financial advice before being able to draw the pension. We have been trying to find financial advisors who have license to provide the advice to EU residents and are really struggling. The size of the pool seems to have diminished considerably due to Brexit. If we can't find an advisor, it seems we can't access the pension.
Is there anyone in this group who can provide me with some contacts who I could approach?
Many thanks!

Not my area of knowledge but I was not aware that it is mandatory to take professional advice if you are taking your pension at normal pension age. It is a requirement to transfer a DB pension but that is not, I think, what you are seeking to do. Perhaps I am well off the mark...

I believe Gary C is right.

As far as I am aware, the only time seeking financial advice is a legal requirement in the UK is taking a transfer value from a defined benefits scheme. Even then, there is the advice-free alternative of leaving the pension where it is. This is often (though not always) the best option with a defined benefits pension - hence the requirement to take advice if you wish to do something different.

For other pension arrangements, I don't believe that taking advice is mandatory. Indeed, I fully cashed in my UK SIPP last year without receiving any advice. I had to answer a number of questions from the SIPP provider to tonfirm that I was aware of all the possible risks.

Of course pensions are complicated, and unless you are in the fortunate position of understanding what you are doing, getting good professional advice is highly desirable.

Thank you Gary and Andy!
Went back to all the paper work and it was entirely my error - there is indeed no mandatory financial advice required for drawing the private pension. Classic case of misreading the small print. I apologise for the mistake on my part - also to anybody who I might have spooked with my post.
Wishing everybody a nice weekend!
Silke

That's good news and it is really easy to get muddled with this stuff. Your question was well-meant and you got the answer to put your mind at rest, confirmed by re-reading the papers. Job done!

And, anyone else reading the thread will be able to equally set their own mind at rest, so job done twice, lol