An Alternative To The “Pension Wise” System

A Pension Wise Alternative

The introduction of the recent pension forms in April now allows retirees complete freedom over how they access their pension funds.

No longer will retirees be forced into the purchase of an annuity (though can still take this route if they desire), but could manage their own income via the process of income drawdown. This means that people are being expected to make more and more complex decisions about their financial future.



The Pension Wise System

The Pension Wise system does offer guidance and outlines all of your options for free. However, it is lacklustre in that it cannot give recommendations and it does not constitute formal advice.

You can find the full government pension wise page here.

With the decision you make when taking out your pension being so important, many people will want to (and probably should) seek independent financial advice.


The Retirement Options Alternative

My Retirement Options have recently launched an alternative to the government’s free Pension Wise system, in the form of their own retirement planner. This asks a series of questions which will get you thinking about your pension decisions and should be used in tandem with the pension wise system:

This retirement planner provides a basic recommendation based on your personal circumstances. This does not provide you with a final decision on what is best for you. Unfortunately, its a little more complex than that.  before connecting you with a local financial advisor. They will then offer you a free consultation to explain your options in further detail.

However, what it will do (and what the Pension Wise system cannot) is to connect you with a trusted local financial advisor. They will then offer you a free consultation to explain your options in further detail.

Whilst you don’t necessarily have to follow this advice by the word, it will certainly help you get a broader understanding of your options, and which may be best for you, compared to the Pension Wise System.



One thought on “An Alternative To The “Pension Wise” System

  1. Calling that an alternative to Pension Wise is farcical and dangerous. It asks a few highly simplistic questions. Misses out many vital ones. It’s just a way of generating leads for an IFA.

    If people want to pay an IFA that’s fine. But please don’t pretend that “system” is going to tell them anything useful at all.

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