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Thread: Pensionwise

  1. #1
    Master
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    Pensionwise

    I'm of the age where I'm starting to think about my pension options when I retire.

    I took advantage of the government's free Pension Wise service this morning. I'm already reasonably pension savvy but it's a free service & I thought that I might find some useful nuggets of information. For example that you can take £500 tax free from your pension pot, up to three times, to pay for pensions advice from an independent financial advisor (Pensions advice allowance)

    I spoke to a very helpful man at Pension Wise for over an hour this morning & can highly recommend the service to anybody who is thinking about retiring in the next few years & wants to know more about their options.

    https://www.pensionwise.gov.uk/en

  2. #2
    Grand Master Rod's Avatar
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    Yes I used them, and got some good advice. Ended up with a provider giving me more than if I stayed with the one I was with. Highly recommended.

  3. #3
    Craftsman
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    I tried it but the 12 year old on the other end of the line didn’t have a clue about what he was talking about.

  4. #4
    Master
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    Quote Originally Posted by trident-7 View Post
    I'm of the age where I'm starting to think about my pension options when I retire.

    For example that you can take £500 tax free from your pension pot, up to three times, to pay for pensions advice from an independent financial advisor (Pensions advice allowance)


    https://www.pensionwise.gov.uk/en
    That's a new one on me. I'm looking to retire at 61, well finish anyway and retire at 62.
    The CETV i was quoted wasn't big enough and the early retirement penalties start at 36% for a 60 year old, but I'm desperate to finish work.

    Cheers for that

  5. #5
    Quote Originally Posted by RD200 View Post
    That's a new one on me. I'm looking to retire at 61, well finish anyway and retire at 62.
    The CETV i was quoted wasn't big enough and the early retirement penalties start at 36% for a 60 year old, but I'm desperate to finish work.

    Cheers for that
    It was only introduced in April this year and doesnt apply if you have a defined benefits or final salary scheme, guess not many people do these days.

  6. #6
    Master
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    Quote Originally Posted by TBKBABAB View Post
    It was only introduced in April this year and doesnt apply if you have a defined benefits or final salary scheme, guess not many people do these days.
    Ok thanks for that. I was only telling someone at work about this news and now find out it doesn't apply.

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