When it’s time to start taking money from your pension, you’ll have a range of options. The choices you make will directly affect your quality of life and standard of living in the future.
A new law has been designed to help pension scheme members get the very best from their retirement savings by being asked to take some guidance before their applications can be processed.
What does that mean for me?
When you come to take your benefits, either directly from the Scheme or by transferring them to another provider, the Trustee will usually ask you to attend a free appointment with Pension Wise (part of the government-backed MoneyHelper service) first.
The appointment itself will take around 45 to 60 minutes and will normally be held over the phone. During that time, you’ll receive impartial guidance designed to help you understand your options.
Whether you’re asked to take this guidance or not will depend on a number of things, most especially the type of pension benefits you have. Generally, if you have any defined contribution retirement savings, you’ll be asked to take this guidance. We’ll let you know what you need to do when you apply to take your pension.
To find out more about Pension Wise, just click here to visit MoneyHelper’s website.