It offers guidance for people on the pension changes introduced in the 2014 United Kingdom budget.[1] 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.[2]
The cost of establishing and supporting the service in its first year was £35 million.[3] The Pension Wise website has been criticised by the Work and Pensions Select Committee[4] as has the low take up of Pension Wise appointments [5] The Equity Release Council have recommended that Pension Wise be extended to allow advice on equity release.[6]
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).[8]
Telephone appointments were provided through The Pensions Advisory Service (TPAS) (which was replaced in 2019 by the Money and Pensions Service), and face to face appointments through Citizens Advice. Appointments are delivered by over 150 guidance specialists whose training has been accredited by the Chartered Insurance Institute (CII) or the Pensions Management Institute (PMI). Pension Wise does not give specific product or provider recommendations. It also stops short of providing advice, which must still be delivered by a regulated financial adviser.
As of March 2021 there were more than 7.5 million visits to the Pension Wise website and more than 250,000 Pension Wise appointments.[9]
According to the Financial Conduct Authority, 46% of consumers who took part in their consumer survey had received guidance from Pension Wise.[10]
^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.
^Broadbeck, Sam (8 October 2015). "Pension Wise staff redeployed amid low take-up". Money Marketing. Retrieved 24 October 2015.
^"MPs warn of potential mis-selling scandal over new pension freedoms". The Guardian. 19 October 2015. Retrieved 24 October 2015.
Work and Pensions Select Committee - Pension freedom guidance and advice inquiry
External linksedit
Pension Wise
April 11, 2024
pension, wise, free, impartial, pension, advice, service, government, united, kingdom, 2015, offers, guidance, people, pension, changes, introduced, 2014, united, kingdom, budget, under, these, changes, those, with, defined, contribution, pension, scheme, long. Pension Wise is a free and impartial pension advice service set up by the government of the United Kingdom in 2015 Pension WiseIt offers guidance for people on the pension changes introduced in the 2014 United Kingdom budget 1 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 2 The cost of establishing and supporting the service in its first year was 35 million 3 The Pension Wise website has been criticised by the Work and Pensions Select Committee 4 as has the low take up of Pension Wise appointments 5 The Equity Release Council have recommended that Pension Wise be extended to allow advice on equity release 6 Responsibility for the service was initially under HM Treasury but moved to the Department for Work and Pensions in March 2016 7 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 8 Telephone appointments were provided through The Pensions Advisory Service TPAS which was replaced in 2019 by the Money and Pensions Service and face to face appointments through Citizens Advice Appointments are delivered by over 150 guidance specialists whose training has been accredited by the Chartered Insurance Institute CII or the Pensions Management Institute PMI Pension Wise does not give specific product or provider recommendations It also stops short of providing advice which must still be delivered by a regulated financial adviser As of March 2021 there were more than 7 5 million visits to the Pension Wise website and more than 250 000 Pension Wise appointments 9 According to the Financial Conduct Authority 46 of consumers who took part in their consumer survey had received guidance from Pension Wise 10 Contents 1 See also 2 References 3 Further reading 4 External linksSee also editPensions in the United KingdomReferences edit Pension Wise Citizens Advice 2015 04 06 Retrieved 2015 10 24 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 Broadbeck Sam 8 October 2015 Pension Wise staff redeployed amid low take up Money Marketing Retrieved 24 October 2015 MPs warn of potential mis selling scandal over new pension freedoms The Guardian 19 October 2015 Retrieved 24 October 2015 https publications parliament uk pa cm201516 cmselect cmworpen 371 37107 html bare URL Extend Pension Wise remit to cover equity release says trade body Pinsent Masons 7 July 2023 Economic Secretary to the Treasury announces next steps for Pension Wise gov uk 16 September 2015 Retrieved 24 October 2015 Home pensionwise org uk Historical Performance Platform 22 March 2021 https www fca org uk publication market studies ms16 1 3 annex 3 pdf bare URL PDF Further reading editWork and Pensions Select Committee Pension freedom guidance and advice inquiryExternal links editPension Wise Retrieved from https en wikipedia org w index php title Pension Wise amp oldid 1164308429, wikipedia, wiki, book, books, library,
