What is Pension Wise?
From April 2015, if you’re 50 or over and have a defined contribution pension (a pension based on how much has been paid into your pot), you may be entitled to free face-to-face guidance on what your options are. Pension Wise is a free and impartial service to help you understand what your choices are. Citizens Advice Scotland will be delivering this service across Scotland through the network of Citizens Advice Bureaux.
It’s a service set up by HM Treasury to help people make informed decisions about how to access their pension savings and plan financial matters in retirement by providing people with guidance about their options.
What is a ‘Pension Wise guidance session’?
It’s a face to face session at your local Citizens Advice Bureau with a trained specialist. During the session you’ll discuss the new pension freedoms, consider factors such as the size of your pension pot, any special benefits it may have, your planned retirement lifestyle, tax implications and how to avoid scams.
Everything discussed is jargon free, confidential and after the meeting you’ll be sent a letter summarising what was discussed. You’ll receive guidance and information, but not advice.
Your appointment will take around 45 minutes and will explain;
- the different options available to you
- how the options might fit in with your circumstances
- other things to consider, like tax and benefits
- things to think about before making your decision
- your next steps
- how to shop around to get the right deal for you
How can I make an appointment?
You can make a Pension Wise appointment by telephoning:
- Local Guidance Specialists Audrey Ritchie on 0750 675 0925 or Yvonne MacGarvie on 0750 675 0767Alternatively call or visit your local citizen advice bureau in Arran, Irvine, Kilbirnie, Largs or Saltcoats.
- Or Citizens Advice Direct on 0808 800 9060
Pension Wise will provide impartial guidance, not financial advice. It won’t recommend any products or tell you what to do with your money.