Galloway’s MP is urging constituents to use the new pension-wise service following recent reforms.
In April 2015, the government introduced its landmark pension reforms giving people aged 55 and over more choice in the way they can access their hard-earned savings. To help people understand the new freedoms, the government also introduced Pension Wise.
Pension Wise, the government’s free and impartial guidance service, is available to those aged 50 and over with a defined contribution pension, helping them to make informed choices and plan earlier for a comfortable retirement.
Local MP, Richard Arkless recently met Pensions Wise guidance specialist, Iain Heard, to find out more about the guidance service.
Commenting, Richard Arkless, MP said: “I would encourage anyone with questions or concerns about their pension to get in touch with a Pension Wise Guider as they will be able to go through the many options available to them.
“New pension freedoms for people over 55 can present people with many new and exciting opportunities but it also leaves people vulnerable to unscrupulous scammers.
“The Pension Wise service offers free and impartial guidance so if you are thinking about investing your pension pot, make an appointment with Pension Wise first, just to make sure you have all the information you need before making your retirement decisions.”
Iain Heard added: “Pension Wise was introduced to help people understand what they can and can’t do with their hard-earned savings. It is not a replacement for independent financial advice but it’s vital people are informed and know their options before accessing their pensions.”