15 Dec 2015
It’s surprising that given the number of changes that have been made to UK pensions in the last 18 months, there are still so many people still do not know what Pension Wise is, who it’s for, or what it does.
Pension Wise is the Government’s free, impartial retirement guidance service that’s open to everyone aged over 50, who is seeking information about how they can turn their pension savings into a retirement income.
It was introduced following the retirement option changes announced in the 2014 budget and specifically it can:
- Provide guidance on defined contribution pensions only
- Help you understand what can be done with your pension pot, how to shop around and potential taxes and fees
- Highlight pension scams and how to avoid them
- Explain the importance of ensuring your money lasts as long as you do
You can arrange a meeting with Pension Wise either over the phone via The Pensions Advisory Service known as ‘TPAS’ or face to face via the Citizens Advice Bureau. They will discuss your pension(s) based on the information you provide and highlight the options available, before providing a summary of these.
This is a useful service for individuals approaching retirement age but it is important to note that Pension Wise cannot give financial advice, will not recommend any products and will not tell you what to do with your money.
If you are an employee of a company whose Workplace Pension we manage and are approaching retirement we will provide you with clear straight forward retirement advice considering all the options available to you.