Monday 14th November 2016
Citizens Advice Exeter has welcomed new independent figures that show the success of Pension Wise, which the leading local advice charity delivers throughout the City.
An Ipsos Mori survey of nearly 2,000 Pension Wise customers across the UK revealed that 85% of people said that the guidance they received means they now have a better understanding of their pension options.
Nearly nine in 10 (89%) of those who have had a Pension Wise appointment go on to take further action on their pension saving.
Following the pension reforms in April 2015, people approaching retirement have greater freedom over how they can use their pension pots. With a number of options available, people are now able to take a lump sum, take out an annuity or a mixture of both.
The most common actions taken by people after a Pension Wise appointment were;
- speaking to their pension provider (60%),
- making a decision on which option to take (57%), and
- calculating their retirement income (56%).
Pension Wise is a free and impartial government guidance service designed to help people understand what they can do with their pension savings. The research finds more than 9 in 10 people (94%) who have used the service would recommend it to others.
Citizens Advice Exeter delivers face to face Pension Wise sessions which are available to book now. The 45 minute appointments are tailored to the individual, taking into account the value of their pension and their plans for retirement.
A Pension Wise appointment may help you if:
- You are approaching retirement or are aged 50 or over
- Have a defined contribution pension
Guidance appointments are also available on the telephone, delivered by the Pensions Advisory service. Information and general guidance is also available online at: www.pensionwise.gov.uk
Steve Barriball, Chief Executive of Citizens Advice Exeter said:
“Citizens Advice delivers Pension Wise appointments from Exeter and a number of sites across the region, and it’s great to know we’ve played our part in achieving these fantastic results.
“Pensions can be a confusing topic but these figures show the real benefit people get from having a Pension Wise appointment. We’ve also had really positive feedback from people in the area about how much they’ve got from their Pension Wise appointment – including one person who said “I am now in a much better position to make decisions for my retirement. Thank you Pension Wise”
“If you want to find out if Pension Wise is for you and how to book drop into Citizens Advice Exeter or phone 0800 138 8292.”