Choosing what to do with your pension pot is an important financial decision. We recommend you use the government’s free, impartial guidance service, Pension Wise, or get financial advice, before making any decision about taking your benefits. 

The Pension Wise service offers you the following:

  • tailored guidance on how you can make the best use of your pension savings  – available online, over the phone, or face to face
  • the opportunity to make an appointment with a trained guidance specialist to explain what options you have
  • information about the tax implications of different options
  • tips on getting the best deal, including how to shop around

Visit www.pensionwise.gov.uk to find out more.

You should also consider getting advice from a financial adviser. A Financial Adviser will provide you with appropriate tailored financial advice taking into account your individual personal circumstances. If you don’t have a financial adviser you can find an Adviser in your area at www.unbiased.co.uk You may have to pay for this advice.

The difference between guidance and advice:

  • Pension Wise provides free, impartial guidance but won’t recommend any products or tell you what to do with your money.
  • A Financial Adviser will ask about your finances, personal circumstances, your goals and how you feel about taking risks with your money. This will help them to recommend retirement income products that are right for you.

For further information you can also visit the following: