Number of people using Pension Wise falls
Written on 2 February 2016
Just 3,205 appointments were made to use the government’s pension guidance service, Pension Wise, in December. This is the lowest number since the service opened its doors in April last year and is considerably lower than the peak month of October which saw 6,755 appointments.
On a more positive note, most people (88.3%) who use the service are satisfied with it, according to the latest government figures.
More about Pension Wise
Pension Wise is a free and impartial service for people aged 50 or over who are looking for help deciding what to do with their pension pot as they move towards retirement.
The service, run jointly by Citizens Advice and The Pensions Advisory Service (TPAS), offers face-to-face, telephone and online help and information on using your defined contribution (DC) pension to provide an income in retirement.
A DC pension is one into which you save money during your working life to build up a pension pot for your retirement. The retirement income your pot provides depends on how much you pay in, the charges you pay, how your pot is invested and what you choose to do with it. Under new pension rules which came in last year, you now have total flexibility over what to do with this pot of money once you reach 55.
Our guide, Ways to use you pension pot, explains your options if you have a DC pension.
Pension Wise can’t tell you what you should do with your pension pot or give product recommendations. But it can help you understand your options and what you need to think about. It’s a good first step to deciding what to do with your pension pot and it’s free.
Consumer champion, Which?, has produced a useful set of downloadable checklists covering things to think about before your Pension Wise session and questions to ask at your appointment, to help you get the most out of your session.
Your pension options
If you’re still uncertain what to do with your pension pot and want advice on what’s best for you, you may decide to pay for financial advice. You can search for a financial adviser at unbiased.co.uk.