Pension Wise

cfw1994

Does anyone have any experience with using the free over-50s service from https://www.pensionwise.gov.uk/en/about ?

I've booked an appt for next month - I am finding myself wondering about some of the mechanics of the LTA (nice problem, eh), & wonder if I can glean something useful from an hour with them.

My expectations are reasonably low - I have a vision of a 28-year old fresh faced youngster trying to explain some basics - but having taken a non-IFA (or FA!) path through my pension savings to date, I'm curious as to whether they will be able to easily clarify things face-2-face, or whether I need some skilled (paid for) expertise at this stage.

Clearly this forum has been a great place to confirm some things (& learn many!) from like-minded individuals (& helpful IFAs here too - you know who you are!)

& I am familiar with comments on this thread earlier....

I note

JonathanBFS wrote: »

If only financial advice was as simple as that..
This is an example of why it is regulated.

I do feel that sometimes there are questions around the mechanics of things that *should* be simple!!

wjr4

cfw1994 wrote: »

My expectations are reasonably low - I have a vision of a 28-year old fresh faced youngster trying to explain some basics

What is wrong with a 28-year old 'fresh faced youngster'? As long as they know what they are talking about, age should not come into it.

tacpot12

The FFY will have a supervisor and expert advice they can call on if they are out of their depth, so I would be hopeful that you will be able to get a definitive answer to your questions, although they might have to come back to you via email with them.

In an hour you should be able to pass over to them a full understanding of your pension and personal situation, so their advice should be correct for your situation and needs.

Paul_Herring

so they advice should be correct for your situation and needs

*guidance.

GunJack

wjr4 wrote: »

What is wrong with a 28-year old 'fresh faced youngster'? As long as they know what they are talking about, age should not come into it.

I know in theory that should be the case, but consider this.....

I went into my bank recently and the person I was discussing things with had no concept of how the GFC of 2008 impacted people, as it was "before their time"!!!!

sleepless_saver

I'd be surprised if they could go into more depth than this Pensions Advisory Service leaflet on the subject. https://www.pensionsadvisoryservice.org.uk/content/spotlights-files/uploads/Lifetime_Allowance_SPOT021_V3.0.pdf

cfw1994

GunJack wrote: »

wjr4 wrote: »

What is wrong with a 28-year old 'fresh faced youngster'? As long as they know what they are talking about, age should not come into it.

I know in theory that should be the case, but consider this.....

I went into my bank recently and the person I was discussing things with had no concept of how the GFC of 2008 impacted people, as it was "before their time"!!!!

Lest I get accused of being 'ageist' - if they have a younger person, that is great, just so long as they know the topic well :rotfl:

Last time we did anything with our mortgage, we had a 'fresh faced youngster' who had a very rapid appreciation of what we were asking for and dealt with us brilliantly.....my last very thorough eye test was by a very well trained sub-25 year old optician (after recent emergency laser surgery by someone I would estimate to be no more than early 30s - gotta trust that steady hand, for sure!!)
I've always been happy with my dentist being younger than me: I figure they will be able to look after me for longer than the soon-to-be-retiring one I had many years ago!).

tacpot12 wrote: »

The FFY will have a supervisor and expert advice they can call on if they are out of their depth, so I would be hopeful that you will be able to get a definitive answer to your questions, although they might have to come back to you via email with them.

In an hour you should be able to pass over to them a full understanding of your pension and personal situation, so they advice should be correct for your situation and needs.

I appreciate it is only guidance, but this is precisely what I hope to get.


So the only outstanding question I have for this thread is this:
Has anyone actually used it, and if so: did you learn something useful?

Thx all!

wjr4

You said 'My expectations are reasonably low - I have a vision of a 28-year old fresh faced youngster trying to explain some basics' - age shouldn't really come into it. I wasn't saying you were being ageist as such, I'm just curious. I was a fully qualified IFA at age 24 and I used to worry that I would not be taken seriously.

Anyway, your question - I have lots of clients who have used Pensionwise and thought it was a good service. However, they often are referred to looking for an IFA on the Money Advice Service website because of the technical side of things which start to edge into giving advice rather than guidance. What types of questions do you have?

Dox

wjr4 wrote: »

I'm just curious. I was a fully qualified IFA at age 24 and I used to worry that I would not be taken seriously.

Qualifications are great, but there is never any substitute for experience as well, particularly in a field populated by that quaint strain known as 'clients (or customers)'.

What puzzles me, though, is why people with substantial savings are so reluctant to pay for proper advice tailored to their situation. General generic guidance can be helpful, but OP is likely to find the guidance from Pension Wise is 'take financial advice'.

OldMusicGuy

Pensionwise was excellent in my case. A 65 year-old plus retired IFA was what I got. Didn't really learn anything I didn't already know but it was useful to go through everything with someone that knew what they were talking about to confirm my understanding. Be aware of course they do not give you advice.

green.lander_2

Hello , i had a appointment last month and was really surprised on the in-depth knowledge they have , they do follow a script and can only provide guidance . The first half is fact finding and you may come away knowing something new so worth 1 hour of time.