Pension Wise

Pension Wise
Formation1995; 29 years ago (1995)
FounderGovernment of the United Kingdom
Location
Region served
United Kingdom
ServicesAdvice and support
OwnerGovernment of the United Kingdom
Parent organization
Money and Pensions Service
AffiliationsCitizens Advice, MoneyHelper
Websitewww.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

Pension Wise is a British free and impartial pension advice service operated by the government of the United Kingdom. Pension Wise guidance is delivered via telephone and face to face appointments or online. The service is available to people aged 50 years and over with a defined contribution pension to help them understand what they can do with their pension pot(s).[1]

It offers guidance for people on the pension changes introduced in the 2014 United Kingdom budget.[2] Under these changes those with a defined contribution pension scheme are no longer required to buy an annuity. Instead they are allowed to take as much or as little from their pension pot as they wish to invest or spend themselves. Oliver Wright of The Independent newspaper described this change as the biggest change to pensions in nearly a century.[3]

As of 2021, there were more than 7.5 million visits to the Pension Wise website and more than 250,000 Pension Wise appointments.[4] In 2015, the Pension Wise website was criticised by the Work and Pensions Select Committee as having a low take up of Pension Wise appointments.[5][6] The Equity Release Council have recommended that Pension Wise be extended to allow advice on equity release.[7]

  1. ^ "Home". pensionwise.org.uk.
  2. ^ "Pension Wise". Citizens Advice. 2015-04-06. Archived from the original on 2016-01-06. Retrieved 2015-10-24.
  3. ^ Oliver Wright (20 March 2014). "Budget 2014: George Osborne unveils major pensions and savings shake-up | UK Politics | News". The Independent. Archived from the original on 2022-05-25. Retrieved 2015-10-24.
  4. ^ "Historical Performance Platform". 22 March 2021.
  5. ^ "Pension freedom guidance and advice - Work and Pensions Committee".
  6. ^ "MPs warn of potential mis-selling scandal over new pension freedoms". The Guardian. 19 October 2015. Retrieved 24 October 2015.
  7. ^ "Extend Pension Wise remit to cover equity release, says trade body". Pinsent Masons. 7 July 2023.