Pension Wise is a service from MoneyHelper, backed by the UK government. MoneyHelper was established to help you make better money and pension choices explaining what you need to do and how you can do it.
This advisory service for pension transfers is now required when your UK Pensions scheme requests the need for you to seek this advice before transferring your pension. Once you have submitted all the necessary paperwork, your UK scheme will ask you to complete this phone call, whereby an unique reference number will be provided after the call which will be required by the UK Pension Scheme to enable the transfer out to proceed.
The MoneyHelper telephone call is also referred to as pension safeguarding calls, it effectively allows you to check that you have completed the entire pension transfer process, including seeking the advice of a qualified independent financial advisor.
If you have consulted a trusted and highly qualified Pension Transfer Specialist then there will be no problem with you being able to complete this call successfully. During the call, you will be asked to recall in detail what was discussed with the pension transfer specialist.
This call will help you make an informed decision about taking money from your UK pension pots. It is a structured 45 to 60-minute guidance appointment and to provide information about how to look out for pension scams.
You can have an appointment if:
you’re aged 50 or over, and
you have a UK-based defined contribution pension pot (this could be a personal or workplace pension).
An appointment will explain the following:
Things to think about when considering your choices. For example, your plans to continue working, your personal and financial circumstances, and leaving money after you die.
All the payment options available, and how they relate to your circumstances.
The tax implications of accessing your pension.
What you should check before you make any decisions.
How to look out for scams.
Your next steps.
To make the most of a Pension Wise appointment, it’s best to first check with your UK provider:
if you have a defined contribution pension
the value of your pension pot(s)
whether your pot contains any guarantees or special features.
Check your UK pension statement or ask your scheme or provider for an up-to-date valuation. If you have more than one pension pot, remember to gather information on all your pots together.
People who move jobs and migrated have unwittingly amassed billons in forgotten pensions.
Britain is heading for a ‘lost pensions’ crisis with an increasingly mobile workforce predicated to create a £757bn trail
The lifetime limit on tax-free pensions savings is abolished as announced in UK Budget on the 15 March 2023. The lifetime allowance charge was removed from 6 April 2023 and will be abolished altogether from April 2024.
Did you know that you can increase and maximise your current entitlement to a UK State pension by making additional voluntary National Insurance contributions, even if you are not a UK national?
Pension Wise is a service from MoneyHelper, backed by the UK government. MoneyHelper was established to help you make better money and pension choices explaining what you need to do and how you can do it.