Pension Wise: a free pension guidance appointment for over-50s

Deciding what to do with your pension savings is one of life's biggest financial choices, and getting it wrong is costly. Pension Wise helps you decide with open eyes — for free.

What is the service?

Pension Wise is a free, impartial service from the government-backed MoneyHelper. It explains how the options for a defined contribution pension — personal or workplace — work. It is not a sales pitch or personal financial advice, but a clear walk-through of your options.

Who can use it?

Anyone aged 50 or over with a UK defined contribution pension can book. The size of the pot does not matter. People who have inherited a pot or can retire early through ill health also qualify.

What does the appointment cover?

A specialist explains how each option works (take it all, buy an annuity, take it in chunks, leave it invested), the tax you might pay, and how to spot pension scams. A phone appointment lasts about 60 minutes; there is also a self-guided online version.

How do you book?

Book on the free phone line 0800 011 3797 or through the MoneyHelper site (moneyhelper.org.uk), weekdays 9am to 5pm. It helps to have details of your pensions ready. Pension Wise gives "guidance" — general explanation; if you need personal advice for your situation, use a regulated financial adviser (which is paid). Beware calls and messages offering "great" pension deals — cold-calling about pensions is banned in the UK.

How does guidance differ from financial advice?

Pension Wise gives "guidance" — impartial explanation of the general options, but it does not tell you what to do or which product to choose. If you need a personal recommendation for your situation, use a regulated financial adviser (which is paid, but the adviser is responsible for the recommendation). For many people a Pension Wise appointment is enough to understand the choices and avoid mistakes.

Why do it before deciding?

Pension mistakes are often irreversible: taking it all at once can bring a large tax bill or leave you with no income in later life. Pension scammers target savings, promising "high returns" or "early access". A free Pension Wise appointment helps you see the consequences of each option and spot a scam before the money is gone. Book ahead — on 0800 011 3797 or through the MoneyHelper site.