What happens at a free Pension Wise appointment?

Full answer

Pension Wise appointments are available free of charge to anyone aged 50 or over who has a defined contribution (money purchase) pension, delivered by MoneyHelper (the government-backed guidance body) either over the phone or in person, and typically last 45-60 minutes. The appointment is structured around explaining the main ways you can access a defined contribution pension pot from age 55 (rising to 57 from 2028): taking the whole pot as cash, moving some or all of it into drawdown to keep it invested while withdrawing an income, buying an annuity for a guaranteed income for life, taking a series of lump sums (UFPLS), or a combination of these approaches. The guidance specialist will also cover how much tax-free cash you can normally take (usually 25%, up to the £268,275 Lump Sum Allowance), how withdrawals are taxed, how accessing a pension flexibly can trigger the Money Purchase Annual Allowance if you are still contributing elsewhere, and how your pension choices interact with means-tested benefits and the State Pension. Crucially, Pension Wise guidance is impartial and generic — the guidance specialist will not tell you what to do with your specific pot, recommend a particular provider or product, or take into account your full personal financial circumstances (other assets, health, family situation) the way a regulated independent financial adviser would; it is designed to help you understand your options well enough to make an informed decision or know what further questions to ask a professional adviser. Booking is done online or by phone in advance, and you can attend more than once if your circumstances or the rules change. Many pension providers actually require confirmation you have either taken Pension Wise guidance or been offered it and declined before allowing you to access pension flexibility, reflecting the FCA's stronger nudge rules designed to reduce pension scams and poor decision-making at the point of access.