As you approach retirement, there are a lot of things to consider. Thankfully, the Government offers a great free service called Pension Wise that can take you through your options and help you make the right decisions.
As you approach retirement, there are a lot of things to consider when it comes to taking your savings and you might not know quite where to begin. Thankfully, the Government offers a great free service called Pension Wise that can take you through your options and help you make the right decisions.
If you are 50 or over and have a UK-based defined contribution pension pot (such as the TPT Scheme), you can book a free Pension Wise guidance session.
Pension Wise is a government service from MoneyHelper that offers free, impartial pensions guidance about your defined contribution pension options. This guidance can be accessed online, by phone or even through a face-to-face session to help you better understand what your overall financial situation will be when you retire. During the session, the pension experts at Pension Wise will explain the options for taking money from you pension pots, including how each option works, including how each option is taxed and how to look out for scams.
These appointments last around 60 minutes and can be made regardless of how big or small your pension pot is.
You can book your Pension Wise appointment on their website. Once you’ve done this, you’ll just need to collect some information in advance of your appointment, including the type(s) and value of any pensions you have, as well as any additional sources of income or any debts and repayments you might have. A full list of everything you need to prepare is available on the Pension Wise website.
Once you’ve had your appointment, you can access and download an appointment summary so that you are able to easily review the pension options you discussed in the session.
Though the Pension Wise appointments are for people over the age of 50, if you have questions about your pension, Pension Wise are still able to help. They offer free phone and webchat support, so if you are not yet 50 but have a question about your retirement options, you can still get in touch.
To visit the Pension Wise website and book your pension appointment, or to find out more about the service, simply click here.