Pension Wise

Pension Wise is a service in the United Kingdom offering guidance for people regarding pension freedoms introduced in the 2014 United Kingdom budget. Under these changes those with a defined contribution pension scheme will no longer be forced to buy an annuity. Instead they will be allowed to take as much or as little from their pension pot as they wish to invest or spend themselves. The Independent have described this change as the biggest change to pensions in nearly a century.Citizens Advice offices are used to give face-to-face advice and telephone advice will come from the The Pension Advisory Service.

Responsibility for the service was initially under HM Treasury but will move to the Department for Work and Pensions in March 2016.Citizens Advice and the Pensions Advisor Service were commissioned to provide the service and will be responsible for any redress in respect of financial loss resulting from the guidance. The cost of establishing and supporting the service in its first year is £35M. The Pension Wise website has been criticised by the Work and Pensions Select Committee as has the low take up of Pension Wise appointments. The Equity Release Council have recommended that Pension Wise be extended to allow advice on equity release.

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