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16 March 2015

Pension Wise service launches online

A guidance service called Pension Wise has been launched to help individuals with defined contribution (DC) funds understand the various choices available to them and how they work. The service is available at www.pensionwise.gov.uk.

DC members are no longer be required to purchase a pension from an insurance company (known as an annuity) when they retired and could instead use their pension pot in any way they wished after age 55 (although schemes do not need to offer all of the options available).

Free phone or face-to-face guidance will also be offered to DC members before they take their funds.

Please note: this article does not directly relate to PCPF members and is included for your information only.

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