Pension Wise

New pension rules came into effect on 6 April 2015. You now have more freedom over how you take money from your pension pot.

These changes affect you if:

  • you’re 55 or over, and
  • have a pension based on how much has been paid into your pot (a defined contribution pension).


If you are aged 55 or over your current range of options are:


  • Leave the pension pot untouched
  • Take their whole pension savings as cash
  • Buy an annuity (a secure, regular income)
  • Take smaller sums as cash (by UFPLS or drawdown)
  • A mix of the options
Guidance available from Citizens Advice will cover the implications that each of the options will have on areas such as tax and means tested benefits. The purpose of the guidance is to empower clients to make informed and confident decisions on how to use their pension pot.


It is important to stress that this service provides guidance, not regulated financial advice.


The Pension Wise guidance service can be accessed by clients in the following ways:


  • Face to face
  • Telephone
  • Web

Call to book a phone or face-to-face appointment

0300 330 1001  8am to 10pm, every day


Pensionwise has a dedicated website, full of useful information

If you have a defined benefit pension – one based on your salary and length of time with your employer – you can still get information from these organisations: