There are a number of ways you can take your money from your pension arrangements and it is sometimes difficult to understand which method might be the most appropriate for your circumstances.

Taking advice will help you:

  • select the most appropriate method of taking money for your circumstances
  • to find the best product for the method you choose

Where you need advice regarding the most appropriate course of action, you should seek advice from a Financial Adviser regulated by the Financial Conduct Authority.

We can provide you with access to a suitably qualified financial adviser to help you find the right solution when accessing your pension.

We can provide you with telephone based, or face to face advice and operate a very straightforward process:

  • We get to know you, your needs, objectives and preferences
  • We help add definition to your future goals and aspirations, thus helping to shape your future financial needs
  • We provide you with a formal recommendation of the most suitable course of action for you to take
  • We implement any recommended product as required

The fees payable by USS members are discounted from our Standard Terms and are outlined in the "How much will it cost?" section below.

You will be charged if you decide to take financial advice, and all costs will be made clear to you before you receive any advice.

The level of charge applicable will depend upon the nature of the advice required and full details of our associated costs and services are outlined in our Terms of Business (see above Link), however a high level summary is also shown below:

Advice Requirement Associated Fee

Advice relating to lump sums including investment, transfers or switches

Charged on a tiered basis as follows:

  • 1.50% on investments up to £500K (min £2,500)
  • 1.00% on next £500,000
  • 0.50% on next £500,000
  • 0.25% on next £500,000

Defined Benefit Transfer Advice

We operate restrictions on advice in this area and will only advise at retirement and usually a minimum transfer value of £250,000.

Our fees are non-contingent and payable regardless of the advice outcome.

Charged on a tiered basis as follows:

  • 1.95% up to £500,000
  • 1.00% on next £500,000
  • 0.50% on next £500,000
  • 0.25% on next £500,000

Minimum Fee - £7,500 with a minimum fee of £2,500 for each additional Scheme over and above the primary one.

Financial Planning Strategic Advice Relates to advice including:

  • Calculation of pension contributions for annual allowance and taper annual allowances
  • Lifetime Allowance Audits and calculations
  • Technical Assessments on existing investments and pensions

Fees for Annual Allowance and Lifetime Allowance Audits will be a fixed fee of £1,750. Additional advice thereafter will be calculated based on an hourly rate:

  • Financial Planner - £400 to £500 per hour
  • Technical Support - £250 to £290 per hour
  • Administrative Work - £100 to £150 per hour

Protection Advice (advising on and arrangement of Life Insurance and Health Insurance)

We would usually charge for this type of work via a commission paid by the provider. If this is not the case, we will set this out in your Letter of Engagement and any fees payable.

Ongoing Financial Planning services (either face to face, web or phone based)

Our ongoing fees are expressed as a fixed % of the value of the invested assets on which we are advising.

Our current standard base charge is 0.75% of the value invested with us, with the following minimum fees applying:

For assets fully invested in a designated Mercer Investment Solution - £1,500 pa for face-to-face service and £750 for web or telephone based service.

For assets not fully invested in a designated Mercer Investment Solution - £2,500 pa

Please note that we will not charge you for an initial chat about the advice that you may require. A fee is payable once you have agreed the scope of the advice, fees and terms and conditions.

If you are considering taking advice from us and / or wish to find out more information about the services available or to discuss booking an appointment, please contact us using the information shown below.

Telephone: 03455 280 598

If you decide to proceed, we’ll ask you to share details with us about your personal financial situation and pension arrangement.

You may already have a financial adviser that you have used previously and trust, or this may be the first time you are thinking of taking financial advice.

Either way, it is important that you ensure that any financial adviser you select has the appropriate qualifications to provide the advice that you require.

If you do not have a financial adviser already, there are a number of ways to find one suitable for your needs.

Below is a link to the Money Advice Service, which can help you to source an adviser local to you if this is what you require:

Money Advice Service