Pension Wise explained: free guidance for over-50s
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Quick answer: Pension Wise is a free government service offering impartial guidance on your defined contribution pension options from age 50. It explains lump sums, drawdown, and annuities but does not recommend specific products.
When you reach 50, you can access defined contribution pensions — but the choices are complex and irreversible in some cases. Pension Wise provides free, impartial guidance to help you understand your options before you make decisions that will shape the rest of your retirement.
What Pension Wise covers
A trained specialist explains your options: taking a lump sum, entering drawdown, buying an annuity, or mixing approaches. They outline tax implications, state pension timing, and how each option affects your long-term income.
They can also explain death benefits, how to avoid scams, and when you might need full regulated financial advice for complex situations.
Guidance vs advice
Pension Wise gives general guidance based on your situation. It does not recommend specific providers, products, or investment funds.
If you have a large pot, complex tax position, dependants to provide for, or multiple pension sources, regulated financial advice from an FCA-authorised adviser may be worth the cost.
How to book
Book online at moneyhelper.org.uk or call 0800 138 3944. Sessions are available by phone nationwide and face-to-face at some locations.
Before your session, gather details of all your pension pots, your state pension forecast, and any other income sources. The more information you bring, the more useful the session.
Common questions
Is Pension Wise the same as financial advice?
No. Pension Wise provides free impartial guidance. Financial advice is regulated, personalised, and usually costs money — but can recommend specific products.
Can I use Pension Wise more than once?
Yes. You can book multiple sessions if your circumstances change or you need to revisit your options.
Do I need Pension Wise before accessing my pension?
It is not legally required, but providers must ensure you have taken guidance or advice before transferring a pot over £30,000 into drawdown or an annuity.