Pensions have now changed, giving you more freedom to decide what to do with your pension pot(s). Pension Wise is a new FREE government service that will help you go through your options so you can make informed and confident decisions that are best for you and your family.
A defined contribution pension is where you build up a pot of money based on how much money you and possibly your employers have put into it. What you'll get back will depend on the amount you put into it, how long the money's invested and how well any investments have done. This is not a defined benefit pension.
A defined benefit pension is a type of workplace pension. It gives you an income based upon your salary and length of time with your employer. The amount is calculated under the rules of your pension scheme.
The pension you get from the government is called the state pension and you get it when you reach state pension age.
You can get further information and guidance:
Or, if you prefer to speak to someone, you can talk to an impartial guidance specialist on the phone or face to face. Citizens Advice is providing the face to face service for Pension Wise.
A Pension Wise appointment may help if you:
Your appointment will last about 45 minutes. Your trained guidance specialist will explain:
Pension Wise provides impartial guidance, not regulated financial advice.
It won't recommend any products or tell you what to do with your money.
You will get the most out of your appointment if you:
After your appointment, you will receive a summary of what you discussed along with suggested next steps.
These may include: