The online version of the government-backed guidance guarantee service, Pension Wise, has gone live.
The Treasury-designed website, pensionwise.gov.uk, showcases six steps users should take in deciding how to use the new pension flexibilities, as well as get the best possible outcome in retirement from their pension pot.
The six steps are:
- Checking the value of the pot.
- Understanding the options.
- Planning how long the money needs to last.
- Working out how long the money needs to last.
- Being aware of the tax implications.
- Shopping around for the best deals.
The website also refers users to the Money Advice Service website for tips on choosing an adviser.
The Citizens Advice Bureau will be delivering face-to-face guidance, and named it delivery centres in January, while The Pensions Advisory Service (TPAS) is running telephone support.
The website, still under development, will come into use when the guidance guarantee is launched alongside the pension reforms on April 6.
Jeanette Makings, head of financial education Services at Close Brothers Asset Management, said: “There will be a huge volume of enquiries from people seeking to understand their options, and employers are in the best position to support their staff and ensure they are well equipped to do this.
“This site will be a welcome part of that support for a number of individuals.
“However, given that people have spent their whole career building up their pension, and that it is vital that they make the best possible use of this capital, it is expected that the majority of people will need the added reassurance of face to face guidance and advice and an ‘at retirement’ support programmer can provide this.
“It is crucial that employers look at the retirement education and support programmes that they can offer their staff, and how this needs to be changed to respond to what will be an ever increasing need.”
