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Govt Unveils Pension Wise

Service Will Provide Impartial Guidance On Pensions


The government has unveiled its forthcoming impartial guidance service for people who are planning their pensions.
Pension Wise, which will be operational from April 2015, aims to be the first port of call for consumers who have a defined contribution pension.
From the date Pension Wise goes live, more than 300,000 people every year with defined contribution pension savings will be able to access them when they reach 55 years of age.
"We want people to be empowered to make informed and confident choices and I’m delighted to announce Pension Wise: Your money. Your choice as the brand name for the impartial guidance service we are building," said Economic Secretary to the Treasury Andrea Leadsom.

Expert Opinion
It is welcome to see this announcement emerge, although at this point there remain a number of issues around the delivery which need to be resolved.

"For example, while advice will be delivered by The Pensions Advisory Service over the phone, Citizens Advice is recruiting advisers without pensions experience to offer face-to-face advice on the issue.

"In addition, the advice will remain general, so if an individual needs information on specific circumstances they will still need to look at more specialist support from an independent financial adviser.

"The announcement has also come after another survey highlighted the continued lack of understanding that the general public have on common pensions terms, with that lack of education expected to impact on the number of people benefitting from new pensions freedoms.

"Whilst it is hoped the Guidance guarantee delivery will be successful, the jury is still out on whether it can provide the necessary capacity and understanding in a 30 minute session once it goes live. In reality many individuals will have to seek further professional advice to optimise their retirement income."
Nigel Bolton, Partner

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