Accessing your pension for the first time? Pension Wise guidance is now a requirement

MallyGirl

Prompted by the title I just went and looked at how ii handle this - there are lots of words about sources of information/guidance but one of the options is 'just go ahead' so they don't insist you talk to anyone.

coyrls

The text of the post:

From 1 June, if you're accessing or transferring your pension for the first time, you'll need to be offered a free Pension Wise appointment. Read our news story here.

doesn't agree with the title, either but it doesn't make a good headline.  The offer has always been there, I assume the provider now must make the offer explicit.

Albermarle

MallyGirl said:

Prompted by the title I just went and looked at how ii handle this - there are lots of words about sources of information/guidance but one of the options is 'just go ahead' so they don't insist you talk to anyone.

On the other side Fidelity insist on a approx 45 minute telephone call, and I think Vanguard do something similar.
Maybe being UK offshoots of huge US companies makes them culturally more vigilant in covering themselves, in case of later client litigation.
Probably they are both a bit OTT, whilst II is maybe too much in the other direction?

arnoldy

I had a pension wise appointment. Utter waste of time, learned nothing. It was very Janet and John Ladybird 1a. The sad thing is its not free, it is paid for by levies on the UK finance institutions i.e. ultimately us!  Another layer of red tape that achieves little except imposes yet more cost, but a bit of a feeding frenzy for a few people I suppose turning the handle.

HeyYeah

I also had a pension wise appointment. Pension wise only focus on DC pensions while I have a mix of DB (very small) and DC. I found the advisor was very nice and the script was OK since it confirmed what I'd gleaned for myself. But when I mentioned the LTA, the advisor was unaware that the DB pension also contributes. There was also another point he got incorrect, I can't remember exactly what now (this was over a year ago), but it was something like you had to crystallise all your fund at the same time in drawdown (luckily this forum corrected that misconception).

I felt that when he was sticking to the script, the advice was sound. However he was not familiar with 'edge-cases', probably most people phoning do not ask about the LTA and want to take the entire TFLS asap.

But pension wise are not the only people to tell me incorrect things regarding pensions. I feel while it's good to talk, I always double/triple/quadruple check everything that's told to me. This forum has probably been the most useful resource to help me in my specific situation.

uss_tish

I retired last September and had a phone call with pension wise and, like allsorts I found their advice pointless as I have a linked DB/DC scheme. Again, agree with allsorts, their advice seemed scripted and they were unprepared for certain questions. 

Frankly, it was a complete waste of time. Have gained more knowledge on here reading the pensions board.

luvchocolate

I had an appointment before my state retirement age pre 2016 and considering deferring and continue working.
The lady I saw was very helpful and possibly said something she shouldn't .....saying if  she were in my position she would defer. 

Tommyjw

coyrls said:

The text of the post:

From 1 June, if you're accessing or transferring your pension for the first time, you'll need to be offered a free Pension Wise appointment. Read our news story here.

doesn't agree with the title, either but it doesn't make a good headline.  The offer has always been there, I assume the provider now must make the offer explicit.

Yes the provider has to give much more of a nudge towards getting a call.

A person will now need to sign a form confirming if they have had the call or not (which you don't have to) but you have to confirm it either way in writing.

p00hsticks

Brie said:

Is this for each new pension or just that you need to do this once?

From what I can see, you don't need to do anything yourself at all.

The pension provider is now obliged to offer you the opportunity of an appointment with Pensionwise, there is no obligation on you to take it up.

I've accessed a couple of small DC pensions with different providers over the last couple fo years, and in both cases the initial bumph incuded at least one  pensionwise booklet and details about how to make an appointment with them - so it may be something that many of the mainstream providers are offering on a voluntary basis already.

dunstonh

A person will now need to sign a form confirming if they have had the call or not (which you don't have to) but you have to confirm it either way in writing.

I have seen several of these forms already and they also ask if you have had regulated financial advice.  One also required the adviser to sign to the form.    Whereas the adviser platforms are not requiring any forms where an adviser is processing the transaction.