MoneyMagpie

Jan 14

Is the new government advice service on pensions enough?

The government have unveiled ‘Pension Wise’, a free and impartial guidance service to help people with the new pension changes in April.

From April 2015, pensions will change significantly as people will be able to access their savings from the age of 55.

Unfortunately this is going to attract a whole lot of scammers looking to take people’s money, which is why the Financial Conduct Authority is working hard to tackle pension fraudsters.

Pension Wise is intended to be the first port of call for consumers so they can get free and impartial financial advice either face to face, over the phone or through their website.

 

moneymagpie_pensionjarThe service can advise you on what to do with your pension pot, explain the different types of pensions and how they work, and tell you what is tax free and what is not.

If you would like to get early access to the service then you can register here. As one of the first users you’ll also be able to offer feedback.

 

 

Although most people are happy about this government-backed advice session, there is concern that Pension Wise simply isn’t enough to deal with the many complexities of the new pension rules.

According to many experts it is not a sufficient alternative to seeing a paid independent financial adviser who can dedicate their time to making sure you’re making the most out of the pension changes.

Really, if you want proper help with sorting out your pension alternatives you will need to speak to a proper, independent, financial advisor.

What are your thoughts about Pension Wise? How in the know do you feel? Let us know in the comments section below.

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