In April 2015, major changes to UK pensions are being introduced. Pension Wise is the government service that will provide information about what pension options you have. Today the new Pension Wise website has gone live – it’s in “beta test” mode, so it’s still under development.
Apart from the government website, there will also be guidance available over the phone and face-to-face. The phone guidance will be delivered by The Pensions Advice Service and the face-to-face guidance will be delivered in selected Citizens Advice Bureaux – the first 44 CAB’s taking part in England and Wales are listed here.
Did you notice I said “guidance” not “advice”?
The new Pension Wise service will be giving “guidance” not “financial advice”. It won’t tell you what you should do, but it will talk through what your options are so you can understand the choices you may have. It will talk about the importance of “shopping around” to make sure you get the best deal, but it won’t recommend which providers you should go to or what your pension should be invested in.
Are you affected by the pension changes?
The people immediately affected will be: [Continue reading]