Remember, the pension pots you’ve built up over your working life are designed to provide you with an income during your retirement. It may be tempting to cash them in and use them for other things, but that might leave you with only the State Pension to live on and any other savings you have.
Pension Wise can help
Pension Wise is a new service backed by the government that can help you choose what to do with your pension funds. If you haven’t already received any guidance or advice from a financial adviser who specialises in retirement planning, we strongly recommend you contact Pension Wise for free impartial guidance about your options.
What Pension Wise offers
- Tailored guidance – online, over the phone or face to face – to explain what options you have and help you think about how to make the best use of your pension savings
- Information about the tax implication of different options and other important things you should think about
- Tips on getting the best deal, including how to shop around
Pension Wise won’t be able to offer you actual advice about what’s best for your circumstances. To get financial advice, you need to speak to a professional adviser who may charge for their time.
You can find an independent financial adviser at www.unbiased.co.uk.