Pension Wise

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"The government provides a service that gives you advice from a pension specialist before taking money from your pension "

"The government provides a service that gives you advice from a pension specialist before taking money from your pension "

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We use the words ‘advice’ and ‘guidance’ in everyday language to mean much the same thing. But in the world of financial services these words have very specific meanings. A firm providing ‘guidance’ will explain everything clearly, but they won’t make recommendations. They’ll leave you to make your own decisions. In contrast, an adviser will make a personal recommendations based on a thorough assessment of your needs and aspirations in retirement. The free government service, Pension Wise, provides ‘guidance’ not ‘advice’.

The government has introduced a free service called Pension Wise provided by MoneyHelper that can help you decide what to do with your pension pots. If you’re aged 50 or over, you can receive guidance from a Pension Wise specialist. The meeting will usually last 45-60 minutes.

Using the Pension Wise service doesn’t mean you can’t take financial advice. Indeed, it may make you realise how important it is to seek advice. You should receive details of the Pension Wise service directly from your pension company. You can find out more about the Pension Wise service here.

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