20 March 2024
Anyone with a defined contribution pension pot can sign up to an online or telephone appointment with Pension Wise, a free, impartial government service that can help you understand your options.
If you’re not sure if Pension Wise is right for you, then consider this feedback received by the Money and Pensions Service (Maps):
- The vast majority (90 per cent) of Pension Wise users felt that they were well informed about their options for accessing their pension pots after attending an appointment or using Pension Wise resources.
- 65 per cent of Pension Wise users also said that the service had made them ‘considerably’ more likely to feel well informed than non-users.
- Nearly all (94 per cent) of Pension Wise users were also confident they could avoid a pension scam, compared to 88 per cent of non-users.
Pension Wise is available to anyone over 50 and offers guidance on taking money from a pension pot, as well as explanations on how a pension is taxed and how to look out for scams, with both personal telephone appointments and online resources available.
Visit www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise to book your appointment.