Qualified advisers answering your
Financial Questions
call 0800 092 1245

Savers still unable to access Pension Wise guidance


Savers are still unable to access free, face to face guidance from the Pensions Wise service, experts have warned.

With only a few weeks left before the new pension regulations come into place, many retirees have been unable to access the impartial advice sessions they offer. The phone line to book face to face sessions from Pensions Wise has not yet been opened, and many savers will be left in the dark about whether they should cash in their pensions savings or purchase/keep an annuity.

Also, all of the employees working for the Pensions Wise service have not yet been recruited.

A spokesperson for the Treasury, who are helping to provide the service, said the service is still entirely on schedule:
"We have been piloting sessions of the Pension Wise service and gathered feedback from users and guidance specialists in order to ensure it is as good as possible for when the pensions freedoms come into force in April.
"People will be able to begin booking their telephone and face-to-face appointments in the next few days.
"People should remember, though, that 6 April is not a deadline; they have plenty of time to seek the right guidance and advice of these important decisions."

Concern has been expressed about the new pension reforms, which mean that people will be able to access the entirety of their pension pots. At the moment, most people with pension savings have used them to buy an annuity, giving an income for life. A lump sum of cash which is withdrawn from a pension will be treated as an income and will have the same tax implications, which may leave pensioners with a much bigger tax bill than expected.

Need financial Advice?

If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details