The pension reform is due to start in just a matter of weeks and in response to this there is a new service for pension holders to help answer questions on the new rules and regulations.
The service won’t provide comprehensive “advice” though – this remains the role of your financial adviser.
Pension Wise guidance service
When the announcement was made in the 2014 Budget regarding significant changes to UK pensions from April 2015, it was also guaranteed that guidance would be provided to support those people approaching pension age and help them to make the best decisions regarding their defined contributions pension.
“Pension wise” is a guidance service to be ran by The Pensions Advisory Service (TPAS) and Citizens Advice Bureau (CAB). Guidance can be gained online, over the phone or through a face-to-face meeting.
Limited advice
Over 300,000 pensioners per year could decide to use this service, however, advice will be limited and more generic in nature. Similarly, Pension Wise does not provide on-going guidance year on year, based on your updated circumstances and requirement. This again, remains the role of your financial adviser.