PensionWise - make best use of the appointment

MQA

For someone who does not know much about pension (but is willing to do own research), wan to know how to make the most out of a PensionWise phone appointment?

dunstonh

Many of the people I see who have had a pensionwise appointment end up doing something different to what they thought they would do after the pensionwise appointment.

Pensionwise helps explain some of the basics and is fine for people with small amounts but they don't handle multi-wrappers or combining methods or tax efficiency.

xylophone

With regard to Pension Wise

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/book-a-free-pension-wise-appointment

You could try the tool here

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/explore-your-pension-options

To find an IFA, you could try

https://adviserbook.co.uk/

Tick "confirmed independent" and other options required when the menu comes up.

Albermarle

If you have  DC pot ( Defined Contribution ) pension as opposed to a DB ( Defined Benefit pension) you could find your pensions provider website quite informative ( some are better than others).

For DB vs DC explanation see the section 'Pension Basics' in the link below.
Pensions and retirement | Help with pensions and retirement | MoneyHelper

Also from MSE

Pensions: Everything you need to know for retirement - MSE (moneysavingexpert.com)

tacpot12

I would say that you need to have a list of your existing pension provisions handy. You might needs amounts, dates, relevent ages, etc.  

Note that PensionWise will focus on helping you understand the options you have to access your DC pensions, but when and how you do this might depend on what DB pensions (and/or other income) you have or expect to have in retirement.

You also need to have an idea of what sort of income you want to have at at the start of your retirement.

PensionWise aren't a substitute for an Independent Financial Adviser, but they can help you understand the options with your DC pensions.

xylophone

Have you reached State Pension Age?

If not, have you checked your forecast?

https://www.gov.uk/check-state-pension

cfw1994

My advice would be to learn as much as you can about the type/s of pension you have, as well as the terminology used around pensions:
Things about each pension you have, such as provider; type (DB/DC); when it pays out (& any flexibility to take early with lower payment, or defer later for more); whether there are any guarantees; how it might rise; impact on surviving partner should you pass
State pension - as mentioned above, get yourself logged in to see the status of yours.

Pensionwise is relatively basic - they will not give you advice, but can clarify possibilities and options.  If, however, you educate yourself ahead of the meeting, I believe you will get much more out of it: I remember they were able to confirm my understandings, which helped me make my decision about when to step away from work.
If you have an interested partner, you can take them along too.  Take notes!

For yourself, it makes sense to figure out how much you want/need to live on (see the pinned “The Number” thread for ideas!).

With those pieces of information, I think you will get the most out of the meeting 👍
Some will want to go to an IFA for more help…but others will feel more empowered to manage their own future with confidence, and you can use that meeting to tick boxes to confirm you have spoken with someone about the finance options.

Albermarle

MQA said:

I appeciate all of your replies very helpful. I wish my Pension Provider can be more  consistent with their respnse and that worries me.  I am thinking of taking all my money out as soon as I can - as I cannot gurantee how my health will be, and may not be able to do what I am doing now.  

Could be worth clarifying what you mean by the comment in bold ?

squirrelpie

MQA said:

I am thinking of taking all my money out as soon as I can - as I cannot gurantee how my health will be, and may not be able to do what I am doing now.  

Without knowing more about your health and financial circumstances it is difficult to make any useful comment on this. But in normal circumstances taking all your money out of a pension is a very poor idea, so please be sure your personal circumstances are so unusual as to justify considering such an action.

cfw1994

I think you are allowed one, unless something has changed - it was perhaps 5 years since I went.

They are not financial advisors - go prepared to cover what you want, take a partner (or even a smart friend!).

If you feel you want/need multiple back & forth conversations....then you might want to find an IFA to help, or indeed fire up a thread here and see how the hive mind of this forum could assist in clarifying things (note - not giving you *advice*, just guidance!)

Albermarle

MQA said:

Albermarle said:

MQA said:

I appeciate all of your replies very helpful. I wish my Pension Provider can be more  consistent with their respnse and that worries me.  I am thinking of taking all my money out as soon as I can - as I cannot gurantee how my health will be, and may not be able to do what I am doing now.  

Could be worth clarifying what you mean by the comment in bold ?

From memory,  some of their responses were:
- type of funds I hold with profit funds and will I miss out if I withdraw too early?
No response
- any of my funds with special features?
No special features, then another response:' The addition benefit added to your policy is '
Accidental death benefit' .....'
- Charges and/ fees related to any of my funds?

one person told me no fees for buying or selling funds, and someone said there are fees for buying and selling, I had called again to confirm and was given a set of different fees

Some of the customer service staff at pension providers are not very well trained, or trained to say as little as possible !