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
There are 50 local Citizens Advice delivery centres that provide face-to-face Pension Wise appointments at 500 locations across England and Wales.
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.
The Citizens Advice service already supports people with many of the issues affecting retirement. In 2013/14, over 150,000 people came to us for help with pension issues. Locally, Citizens Advice are the known experts at helping people understand their circumstances and making informed decisions that are best for them.
No other organisation has our community reach or is trusted locally to provide impartial guidance that empowers people to make their own decisions.