If you want advice about your pension investment then we can provide that to you, but now you can also get advice from the Citizen’s Advice Bureau.
Pensionwise was introduced by the Government over two years ago, to coincide with the introduction of the autoenrolment of pensions to employees.
Former financial advisor Iain Heard says he often guides people towards their local CAB office in order to get advice.
“Pensions are not the most exciting of subjects and it can often be really complicated,” he says.
“We simplify things for people and provide the answers to any questions they may have.
“Many people don’t realise the number of options that are available to them and the consequences of making certain choices.
“We will navigate them through taxation and benefits as well as alert them to the many misconceptions that are out there.”
Recent changes to pensions mean that a number of people in their 40s will be waiting a year longer than they previously thought to get hold of their state pension.
The Government announced last week it was bringing forward a rise in the state pension age to 68 by seven years. That means the increase will happen in 2037-2039 – not 2044-2046 as originally planned – affecting everyone currently aged 46 or under.
The Government has tried to justify the change by claiming it is part of changes that bring women’s pension age in line with men’s and will save £74 billion, but many people are sceptical of the changes which will cost individuals up to £10,000 each.