Pension Wise Review: Understand Your Pension Investment Options

The UK government introduced a service called Pension Wise in the year 2015 to help people understand their options. It is an impartial government service that offers pension guidance to let you make informed and confident decisions about your future.

Over 300,000 individuals a year, approaching retirement with defined contribution pension savings can access them. It is said to be a one-stop solution to get guidance about pensions. 

If the available data is to be considered, there has been a continuous increase in appointments. There were approximately 2.75 million website visits in 2019-20, which is roughly 20% higher than what was in 2018-19. 

Also, the satisfaction is high among all appointment customer groups with 94%. 

In this article, we will discover how well Pension Wise is helping consumers. 

old-age-g241e35675_1280.jpg

Pension Wise Advantages

  • Pension Wise is a free service, offering impartial information and guidance to those with a defined contribution pension approaching retirement.

  • The advisers at Pension Wise never try to sell anything. They do not recommend any products or companies.  

  • Pension Wise guides people on the new pension freedoms

  • There is a specialist to talk about the options you have for taking your pension money.

Pension Wise FAQs

 

Who can get Pension Wise appointments?

 

Any UK citizen gets a Pension Wise appointment who is:

  • Over 50 years of age.

  • Has a workplace or personal pension (defined contribution).

How does it help?

It provides pension specialist guidance to understand following things:

  • A detailed explanation of your pension options.

  • A detailed explanation of how each option is taxed.

  • Suggest next steps be taken.

What is the duration of the appointment?

It lasts around 45-60 mins.

How to book a Pension Wise appointment?

 

You can call on phone number 0800 138 3944 or book online by visiting pensionwise.gov.uk for an appointment to get guidance either face to face or over the phone. 

 

Where to meet for a face-to-face appointment?

 

If you wish to meet the specialist face-to-face, you have to go to your local Citizens Advice office.

 

What documents are required during the Pension Wise appointment?

Getting some papers ready before the meeting will make your experience even better. Here is what you would need to have before the appointment:

1- Workplace pension statements

Employers usually provide this statement every year. If your latest statement is not available, contact your pension administrator at work.

You would also need to have statements from previous workplace pensions.

2- Personal pension statements

Your pension company should provide this statement each year if you have a private pension.

If your latest statement(s) is missing, contact your pension company to get a copy. Usually, people have multiple statements, since they have more than one personal pension.

3- A state pension statement

When you reach state pension age, you can ask for a pension statement estimating the state pension you will get.

4- A summary of regular bills and spending

Jot down your regular bills and payments that you will be paying even after retirement.

Printing off a recent bank statement, or the accounts from which your bills are generally paid can be highly helpful.

Summary

Pension Wise is a government initiative, which has been largely appreciated by consumers. However, if you are looking for beyond simply information on pension options, you would need an independent financial advisor. 

Often people approaching their retirement are not much confident about their decisions on pensions and financial planning. Getting advice from an independent financial advisor will help you make an informed decision and allow you to plan what is best for you.