Pension Wise offers guidance to help you understand your personal retirement options. It’s free and impartial and focuses on your specific circumstances, the options open to you and the next steps you need to take.
Although you can’t normally take your money from your pot until you’re at least 55, you can use the Pension Wise service from the age of 50. You can also get guidance if you’re able to access your pot early due to ill-health. You’ll need to have a retirement pot from a defined contribution scheme like NEST to be able to use the service. To book an appointment to speak to someone face-to-face or over the phone, call Pension Wise on 0800 138 3944 between 8am and 10pm, Monday to Sunday.
You can also find a range of useful information at any time at www.pensionwise.gov.uk
As well as using this free guidance, you might want to get advice from a financial adviser if you’re approaching retirement. They’ll be able to give you more specific recommendations on the types of retirement income or savings products that are suitable for you. However, you will have to pay for this advice and any services they provide.
You can find a financial adviser at www.unbiased.co.uk
Any advice you receive will be independent of NEST and NEST won’t be responsible for any fees you may be charged.
There are a number of scams targeting people who have retirement pots. Usually they claim to grow your money with overseas investments or offer ways for you to get hold of your money before you turn 55.
Scams are designed to look appealing, but they often result in people losing some or even all of their retirement savings. Once you’ve signed over your money, you can’t get it back. Not only that, you can also face large tax penalties for taking an unauthorised payment from your retirement pot.
It’s sensible to get independent financial advice on any offer to transfer your pension or check with The Pensions Advisory Service that it’s legitimate. Never rush a decision or sign anything under pressure. If you think you’ve already been approached by a scammer, call Action Fraud on 0300 123 2040.
Find out more about scams at The Pension Regulator website.