Free pension advice to over-50s from Richmondshire Citizens Advice

Free pensions advice is being offered by Citizens Advice in Richmondshire.

Citizens Advice is urging people to make getting to grips with their retirement options one of their New Year’s resolutions.

Citizens Advice has been providing the government’s Pension Wise service since 2015.

It offers people over the age of 50 with a defined contribution pension a free 45 minute guidance session on options around their retirement finances.

“December is tough on the wallet, so many of us start the new year with good intentions around budgeting and planning for the future,” said Citizens Advice’s Adam Matthews.

.“Learning about your pension options is the perfect place to start”.

“We’re living for longer, so what you do with your pension is more important than ever. You should know what money you’ll need in retirement, and how to make the most of what you have. Pension Wise will help you do this”.

A recent Ipsos Mori evaluation showed the positive impact a Pension Wise appointment can have:

  • People are more aware of their retirement options after a Pension Wise appointment. 93% of people surveyed felt informed of their pension options after an appointment compared to 56% of people who didn’t use the service.
  • People feel more scam aware after an appointment. 94% of people who had an appointment felt more aware of the warning signs of scams.
  • People make positive decisions following an appointment. 72% of customers calculated the income they needed in retirement after their appointment, compared to 29% of non-users.

Since the introduction of new freedoms in 2015, people have had more choice in what they do with their pension money. This has led to a huge shift in how people approach their pension, with nearly £10 billion more taken out of pensions in 2016/17 than in 2012/13.

 

For more information or to book your free appointment at Richmondshire Citizens Advice contact the Pension Wise Team on 0800 1383944 or visit https://www.pensionwise.gov.uk/en .