Pension wise

eastcorkram

I have a telephone meeting booked up with pension wise in about 10 days time. I've read the how to prepare stuff, but just wondered if anyone here has recently spoken with them. 

I will have SP, a DB pension, and currently two SIPPS. Once I've told them this, I guess they'll explain the drawdown options etc.

It says the chat can be 45 to 60 minutes. Just wondered if someone has done it recently, is  there something specific I should ask, and does the call really last as long as that? 

Brie

Have all your paperwork ready but also have a notepad with the main details.

• date you collect SP and amount
• Normal retirement date for DB and amount plus what tax free amount you might have
• amount in each SIPP
• are you still working? do you want to continue working?  if so at what rate?  (same job, less hours, new job etc)

They will need to explain some specific things which will take time.  They will make some comments about what you could do and if there might be tax implications (there can be for paying into current work schemes)

Add to your notes anything that anyone here suggests.  

Also you might want to check out getting a free 1 hour session with a local(ish) IFA to build on what you know and get some actual advice though those are really just a sales session.  

Eldi_Dos

Did mine face to face and if I remember right it was more about making you aware of options on DC funds, if someone was not clued up on that area the full hour might be needed.

Marcon

Brie said:

Also you might want to check out getting a free 1 hour session with a local(ish) IFA to build on what you know and get some actual advice though those are really just a sales session.  

OP won't get 'actual advice' based on a preliminary meeting. Far from being 'just a sales session', such meetings are an opportunity for the potential client to see if they like the look of the IFA and to get a better understanding of the IFA's role; and for the IFA to take a view on whether they want the person in question as a client/whether it seems there are ways to assist them. Not all clients need an IFA, and a good adviser will tell them the truth when that's the case.

IvanOpinion

I had a telephone meeting with PensionWise at the beginning of January. The chap went through a lot of the terminology and the options for taking a pension, most of which I was familiar with, but also answered several generic questions I had. He did not give advice but was able to provide some 'pointers' and a bit of sanity checking of my retirement plan.

All-in-all I felt it was an hour well spent and helped clear up a few gaps in my understanding.

dunstonh

I will have SP, a DB pension, and currently two SIPPS. Once I've told them this, I guess they'll explain the drawdown options etc.

They will cover some of the main basic options.    

It says the chat can be 45 to 60 minutes. Just wondered if someone has done it recently, is  there something specific I should ask, and does the call really last as long as that? 

They don't really do specifics.  Its generic information.  Very similar to what you can read on a website or half decent provider information pack.

In my experience, with many new clients that have had a pensionwise meeting, I have had to undo what they were told by pensionwise (or rather what the person had interpreted from info given by pensionwise).       Phasing, multi-wrapper and funding gaps appear to be particular weaknesses.

If your affairs are straightford, its fine but don't rely on it if you have larger amounts or a more in-depth scenario.

Somebody

dunstonh said:

They don't really do specifics.  Its generic information.  Very similar to what you can read on a website or half decent provider information pack.

I second this.  It's similar to what your DC pension provider sends you in their annual statement as to what options are available to you re tax free cash, drawdown, UFPLS and annuities.  They won't give you any pointers with regard to your DB pension. 

Eldi_Dos

The amount of posts on here from people about their NI record and contributions,makes me think this area could be included in Pension wise meeting. I think these meetings were brought in to help people with the changes that came into place in 2015 but that could be expanded.

gm0

Usual perspectives for a thread like this. 

One of the drawbacks of pensions freedoms is the complexity.  And jargon.

A lot of people don't find pension provider wake up packs at all digestible and "common sense" english usage may lead you astray.

Pension wise helps you understand the basics of the options and terminology.  That's all.

It's not a personalised advice session.  It's not telling you what to do.  It's not doing sums for you.  It was never intended to do any of that.  And knowing that - it should not be a disappointment when it doesn't.  If you are expecting IFA advice or a recommendation.  Disappointment is nailed on.

Not everybody learns the same way - web reading/self study suits some.  Listening and questions suits others. Neurodiversity

The advice gap is a real thing.  Not everyone is well served by the IFA market.  They are not charities.  Not all customers are attractive to them.  Yet these people have the same pension freedom choices as everyone else to make. Where should they go.

Belatedly the government decided to do something.  And while I disagree with some of the direction of travel on how they measure success. FCA consult on this from time to time.  It's an ugly compromise.

But If it didn't exist it would be necessary to invent it. 

Hard to see how it could be a lot more helpful without creating a nationalised IFA service competitor and upending the financial advice market.  FCA don't want to do that.  And they have nudged people towards it fairly aggressively in provider conduct of business - without actually making it compulsory.

Outeast1000

And on another note what are the pros and cons of not talking to pension wise before you claim your pension pot 

handful

I had mine last week. I didn't expect to learn very much and wasn't disappointed! He wasn't interested in my DB pension at all or about my investments outside the pension. All I had prepared really was an up to date pension valuation. There was quite a lot of info provided about annuities which I'm not really interested in and also scam prevention. I can see the value for a large section of the population but I didn't get a huge amount out of it at all. At least I can tick the box saying I have had my meeting now! It took no more than 30 minutes but I can see how it could have lasted longer if I'd asked a lot of questions about what he was telling me.