MSE Forums vs Pension Wise (and a word of thanks)

Fink_Nottle

I've created an account here primarily to thank the contributors on this pensions board. 

I've been trying to work out how best to access a number of pensions I have, and have found the discussions here extremely useful in working out how various options might best suit my circumstances (e.g. FAD vs UFPLS; and, considering the 2027 IHT changes, whether to move money from a SIPP to a S&S ISA).

I try to cross check what I've read against other sources, and it's refreshing to see that there is almost no uninformed nonsense here. (For this reason, I'm unlikely to contribute much, as I fear that's mostly what I'd have to offer).

Given that this forum is free and voluntary, it's also (in my extremely limited experience of a single encounter) a good deal more useful than Pension Wise, who were keen just to tell me things I'd already read in their booklet. Was that just me?  I don't expect personalised advice, but I'm not sure their level of expertise is where it should be.

Albermarle

Pension Wise can only strictly offer general guidance.
Only an financial advisor can offer accurate personalised advice .
This forum probably follows a middle ground between the two.

gm0

Yes.  We are not allowed to do regulated advice either.  Nothing here can be.  Staying behind the "guidance" and informed comment line.  People here do engage to a degree in a rough and ready way with numbers which the official bodies would regard as risky behaviour that could be mistaken for personalised advice. And so don't

Being a quango.  Pensionwise (and PAS as well for their niche) are more officious about not getting into calculations and numbers. Explicitly.  They signpost advice (as do providers) as encouraged/mandated by FCA.  And script talkover the freedoms/options material.  It's useful (more to some than others) but not a complete solution by any means.

The legislation is complex.  The language and rules need explaining verbally as well as in regulated product packs.  To suit different groups/starting positions.  Pension provider comms are as specified by the FCA.

Pensionwise cannot win.  That's all they do.  Because that's all they are meant to do.   And in scaling it it has become a narrow - lowest common denominator - scripted approach.  It's certainly frustrating as it's not what people want......

For people with pension wealth that drops into the "advice gap" (Not interesting to IFAs) - this creates a problem born of the original sin of complexity.  As they don't have an obvious solution until they find an adviser or learn about it from the internet and public library.

IMHO - if PensionWise did not exist or was scrapped it would be necessary to reinvent something analogous

Or create a nationalised personalised advice service with a capped fee and trash the entire advice market bar the multi-national rich family office crowd

Or simplify the legislation quite a lot - in way that inevitably would cause blowback and howls of rage from those stripped of current options and freedoms

Or make advice compulsory and let the market sort out provision - with a group still affected as less desired customers per profit per regulated effort feeling overcharged or underserved (as now)