On 6 April 2015 new pension reforms came into effect which included new freedoms giving people the opportunity to decide what they do with their pension pot.
Pension Wise is a new government service set up to help people understand the pension options available to them. It offers guidance to help empower people to make informed decisions about their pension which are best for their individual circumstances.
People approaching retirement with a defined contribution pension pot can get help from Pension Wise:
– online by visiting the Government’s Pension Wise website
– by telephone by calling 030 0330 1001
People approaching retirement can find out more by visiting www.pensionwise.gov.uk. Members of the public can also go into any local Citizens Advice for information about Pension Wise and how to book a face-to-face appointment at a location nearest to them.
Pension Wise offers guidance, not regulated financial advice. It can help you understand the information you need to make a decision, but the choice is yours. It will not recommend any financial products or providers and adheres to Financial Conduct Authority standards.
Trained guidance specialists will discuss the options available, the features of each and set out the next steps for service users.
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