Pension Wise: free, impartial pension guidance

If you are aged 50 or over, you can speak to the government’s Pension Wise service for free pension guidance.

It is important to consider all the options available to you before you withdraw income from or transfer a pension. This includes weighing up the risks, advantages and disadvantages of each available choice.

How can Pension Wise help?

Choosing the best options for you and your pension can be tricky. Pension Wise, a government service from MoneyHelper, can help you with free, impartial pensions guidance.

Pension Wise can help you to understand your options if you are considering taking an income from your pension, transferring your pension or are thinking about how much money you will leave after you die.

They will try to help you to understand all the options available to you and the tax implications, advantages and disadvantages involved. 

You can book free telephone or face-to-face appointments if you are aged 50 or over. In a Pension Wise appointment, you will be able to speak with an impartial advisor. 

Alternatively, you can visit their website for more information. 

How to book your Pension Wise appointment

You can book an appointment if you are aged 50 or over and have a defined contribution pension.

Book your own appointment

You can book a Pension Wise appointment yourself.

Simply call the number below or visit their website. 

Call 0800 138 3944

Monday to Friday 8am – 8pm

Ask us to book your appointment

If you’re 50 or over and have a Self Invested Personal Pension (SIPP) with us, we can book an appointment for you when you transfer or take an income from your SIPP. 

If you are under 50 and need guidance, you can still call or webchat with one of Moneyhelper’s pension specialists.

What can Pension Wise help you with? 

Your options at retirement

When you reach 55 (57 from 2028) you can begin to take an income from your pension. 

With your SIPP, you have a number of options at retirement including: 

  • Leaving your pension invested until you need to take an income.
  • Using some or all of your pension to buy an annuity (with another provider).
  • Withdrawing some of your pension and leaving the rest invested.
  • Withdrawing your entire pension.
  • Transferring to another provider.

As well as consider each way of taking an income, you should also shop around for the best option for you. 

The Money Advice Service factsheet ‘Your pension: your choices’ has help on how to shop around. It also has important information on enhanced annuities which can pay a higher income depending on your health and lifestyle. 

If you book an appointment with Pension Wise, they can help talk through these options with you. 

Transferring your pension

If you are over 50 and thinking about transferring your pension, Pension Wise can help you with impartial guidance and advice about how to shop around for the best options.

You should also read the information in our pension scams information booklet and on the FCA ScamSmart website.