New retirement freedom guidance to be called pension wise
New guidance for people looking to make the most of the retirement freedoms coming into force from this spring will go under the name "pension wise", the Government has revealed.
From April, more than 300,000 people a year with defined contribution (DC) pension savings will be able to access them as they wish from when they turn 55, rather than being herded towards buying a retirement annuity.
Free, impartial guidance will be offered alongside the changes to help people decide what to do with their cash. This will be delivered by Citizens Advice and the Pensions Advisory Service.
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The Government said the guidance will go under the branding Pension wise: Your money. Your choice, accompanied by a logo.
The service will be available online, over the phone or face-to-face. From today anyone with a DC pension who is approaching retirement and would like the chance to access the service as part of pension wise's piloting activities can register their interest at www.gov.uk/pensionwise.
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After their guidance sessions, people using pension wise will be provided with a summary document to help them to go on to make choices over their pension pot with confidence, the Government said.
Economic Secretary to the Treasury Andrea Leadsom said: "People who have worked hard and saved all their lives will be free to choose what they do with their money from next April.
"We want people to be empowered to make informed and confident choices and I'm delighted to announce Pension wise: Your money. Your choice as the brand name for the impartial guidance service we are building."
Ros Altmann, the Government's business champion for older workers said: "It is absolutely right that we invest in helping people make the best decisions with their retirement savings.
"Until now there has been no help with the complex decisions people face when they reach pension age and, at last, there is an independent source of help to point people in the right direction."
In moves to protect consumers from scams and ensure that the guidance brand is trusted, the Government will make the imitation of Pension wise illegal through the Pension Schemes Bill. Anyone seeking to pass themselves off as the service could face prosecution.
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