From the 6th April 2015 new pension rules came into place which mean that anyone who is 55 or over and have a defined contribution pension (a pension based on how much you have paid in) have more freedom over how they take money from their pension.
There are now 5 options to consider when accessing your pension
• Leave your pension pot untouched
• Get a guaranteed income (annuity)
• Get a flexible income
• Cash the whole pension pot in
• Mix your pension options
Our Pension Wise Guidance Specialists are able to provide face-to-face guidance sessions in the Annan, Castle Douglas, Dumfries and Stranraer bureaux. The Guidance Specialist will talk you through the options, what they mean to your circumstances and the next steps you can take.
If you would like an appointment then please visit your local bureau where a generalist adviser can check your eligibility and book an appointment. If you are attending the bureau it is helpful if you bring your pension paperwork with you. You can also phone and speak to an adviser by calling 0300 303 4321.
Pension Wise is a free and impartial guidance service. Therefore, no advice or recommendations will be given.
Further information is available on The Pension Wise website – www.pensionwise.gov.uk
Phone appointments are also available through The Pension Advisory Service – please call 0300 330 1001 to arrange.