Can you get pension advice from your bank?

Pension advice from Halifax now means Lloyds: Halifax pensions are closed to new customers, and Lloyds Wealth advice has a £100,000 entry level.

Can you still get pension advice from Halifax?

Not as a new customer. Halifax says: "Halifax pensions are no longer available to new customers." Its pensions page says the brand is changing to Lloyds and that existing Halifax accounts stay as they are. For a new pension, Halifax points you to the Lloyds Ready-Made Pension and SIPP.

Before approaching Lloyds or another bank, you could get an FCA-authorised adviser's free view of where your pensions stand. The form on this page needs five basic details only, and an adviser phones you afterwards.

Lloyds names Scottish Widows as its retirement partner: "Our retirement partner for our Personal Pensions is Scottish Widows, who are part of the same family as us." Help at retirement therefore comes from a sister company, which is a different thing from a personal recommendation. The steps for an existing plan are on how to access a Scottish Widows pension.

What does the Lloyds group offer, and what does it cost?

On its retirement options page Lloyds says: "If you’re not sure which option is right for you, we recommend you speak with a financial adviser. They'll charge you for this service." It names the directories Unbiased and Vouchedfor for finding one. Scottish Widows also says advisers normally charge for advice.

The group's own advice arm is Lloyds Wealth. To use it you must have either a sole annual income of at least £100,000, or £100,000 across sole or joint savings, investments or personal pensions. Lloyds says its advisers do not work on commission and that fees apply if you decide to proceed.

Lloyds publishes a fee table based on fees as of 1 July 2024, which it says are subject to change. One-off advice costs 1.75% of the amount invested up to £1.14 million (0% above that), with a maximum fee of £20,000 each time you go ahead, and a minimum fee of £1,000 applies the first time you act on a lump-sum-only recommendation. Lloyds says charges apply only if you choose to take out a product or service, and ongoing advice has its own percentage scale on the same page. How pension advice is charged shows how fee structures work.

Do HSBC, Barclays, NatWest and Santander give pension advice?

Each sets its own entry conditions. The details below are as shown on each bank's website on 3 November 2026 and can change.

• HSBC UK: a no-charge initial chat, then a 1.95% fee if you take its advice, with minimum fees applying, HSBC says. You need £100,000 or more in savings and investments, plus an HSBC current account with online banking. Its own pension plan is covered in the HSBC private pension guide.
• Barclays: its Planning and Advice service requires you to be a Premier Banking customer with a minimum of £150,000 to invest. On its SIPP page Barclays says: "We don’t offer tailored financial advice, so if you’re not sure about investing or how a pension works, seek independent advice."
• NatWest: financial planning is designed for Premier customers with at least £250,000 of investable assets, which includes pension sums, for a one-off fee of £7,000 plus VAT; NatWest adds that ongoing product and management fees may apply, depending on the investments chosen.
• Santander: its Advised Pension is the Santander Personal Pension with advice added, aimed at people who want to invest or transfer over £20,000. Its advisers explain the fees for the advice and for the pension.

These are entry points for people with larger sums. A smaller pot may not reach any of them, which is where Pension Wise and a regulated adviser outside the bank come in.

Is bank advice independent or restricted?

MoneyHelper suggests asking any adviser: "Do you offer independent or restricted advice?" It explains the difference as whether they can "search the whole market to make recommendations" or are restricted to a certain number of providers or type of advice.

Banks vary in how they describe themselves. NatWest says plainly that its advice and recommendations are restricted to products on the panel available to the financial planner. HSBC says it will recommend products "hand-picked from selected providers". Whichever bank you approach, ask which kind of advice it gives before you book, and put the same question to any adviser you speak to.

How to look up a bank adviser on the FCA register

Whether paying for advice is sensible is covered on are pension advisers worth it, and finding a pension adviser covers searching near you.

The FCA says: "The Financial Services Register is the official public record for all firms and individuals." MoneyHelper suggests confirming that the adviser or their firm is listed as authorised to provide advice, and that you hold their genuine contact details. It adds: "If the firm does not appear on the register, do not use them." A bank passes the same test as anyone else.

Cold calls, texts and emails offering a pension review are a separate danger, and how pension scams work explains the warning signs.

What free pension help sits alongside the banks?

MoneyHelper says "A free Pension Wise appointment explains the options for taking money from your defined contribution pension. It’s impartial and backed by government." Lloyds and Scottish Widows both point to it. Guidance explains choices; it does not recommend one. What Pension Wise is explains the appointment, and free pension help lists the other routes.

Your State Pension, other pots and tax rarely sit neatly inside one bank's service. Seeing them side by side is something an FCA-authorised adviser offers without charge, by phone. Halifax customer or not, ask for that call: the form on this page wants no pension details at all.

Bank pension questions answered

Can I get a workplace pension through my bank?

GOV.UK describes a workplace pension as "a way of saving for your retirement that’s arranged by your employer", so your employer picks the provider. A bank's own personal pension is a separate plan you open yourself. How the two fit is on workplace pension rules.

Does Scottish Widows give pension advice?

On its Ready-Made Pensions page Scottish Widows says "If you would like financial advice, you could speak to an Independent Financial Adviser," and names Lloyds Wealth as a partner that may help. What applies to an existing plan is best asked of the provider.

Is Lloyds pension advice the same as Halifax's?

Halifax now points you to Lloyds, so the Lloyds route above is the one to read. If you bank with Nationwide or another building society, an adviser can talk through how its options compare on a free call-back.

Is bank pension advice better than an independent adviser?

It depends on the firm, the fee and the range the adviser can consider. MoneyHelper explains that independent advisers can consider products from across the whole market, while restricted advisers recommend from a certain number of providers or a specific product area.