There has been considerable coverage over the UK government’s Pension Wise Guidance Service. Although very new it appears that only 300 staff are available and that the “guidance” is very limited and is given to users with no liability. It also appears that for sums of £30,000 and above Pension Wise will insist you also talk to a registered FCA adviser.
We have already had one web site taken down that was passing it self off as Pension Wise. Please read our article on avoiding the Pension Fraudsters. The new act has given the Treasury new powers to act over copycat sites.
Pension Wise Guidance or Advice
It also appears that “guidance” related to impaired life annuities will not be covered. The Telegraph correspondent was particularity scathing about the Pension Wise web site. You can read more on the press coverage by following the links below.
The Adviser’s Quandry
It is being made clear to Advisers that the insistent client who demands that he wants his fund now when this is not the advice given, must be told to go elsewhere. You can not blame the adviser, no regulated adviser wants to be in the position of being in the firing line with FOS and the FCA. For the consumer this whole area is now a complicated and dangerous one.
My recommendation is to read the articles linked on the Pension Scammers here. If your Pension pot is less than £30,000 and you are and always have been in excellent health you can speak to Pension Wise. However, a good financial adviser will be able to give you advice, something that Pension Wise can not. If you would like to talk to a recommended FCA registered adviser from our panel please follow the link below.
If you would like to talk to one of the advisers on our panel please complete this short form. All of the advisers on our panel are FCA registered (we will provide a link for you to check). All provide an initial no obligation consultation at their expense.[contact-form-7 id=”34″ title=”Consultation Request”]