Quick answer: Pension Wise is a free, government-backed guidance service from MoneyHelper for anyone aged 50 or over with a defined contribution pension. A 45–60 minute appointment (phone or in person) explains your retirement options and tax implications. It's guidance, not regulated advice — it won't recommend a specific product or provider.
What Pension Wise covers
Your six main options at retirement, and the tax and benefit implications of each:
- Leave your pension untouched
- Take a cash lump sum
- Flexible drawdown
- Buy an annuity
- Mix and match
- Transfer to another scheme
How to book
- Visit moneyhelper.org.uk/pensionwise or call 0800 138 3944
- Choose a phone or face-to-face (Citizens Advice) appointment
- Usually available within 5–10 working days
Bring your latest pension statements and State Pension forecast to make the session useful.
What it won't do
Pension Wise is guidance, not advice. It can't tell you "transfer your Aviva pension to a SIPP" or "this annuity provider is best for you." For personalised recommendations you need an FCA-regulated adviser — many expect you to have done Pension Wise first.
Pension Wise vs the alternatives
| Service | Free? | What it does |
|---|---|---|
| Pension Wise | Yes | 45-min options guidance for over-50s |
| MoneyHelper | Yes | General money/pensions guidance |
| Pension Tracing Service | Yes | Find lost pensions |
| FCA-regulated adviser | Fees apply | Personalised recommendations |
The strong-nudge rule
Since 2022 pension providers must "strongly nudge" you toward a Pension Wise appointment before you access your pension. You can decline, but you have to confirm you understand what you're declining.
Scam warning: Pension Wise is the only free government pension guidance. Anyone cold-calling or emailing about "free pension reviews" or "pension liberation" is running a scam — cold-calling about pensions has been illegal since 2019.
Frequently asked questions
Pension Wise is a free, impartial guidance service from MoneyHelper (the government's money guidance arm) for anyone aged 50+ with a defined contribution pension. Each appointment lasts 45-60 minutes and covers your pension options at retirement.
No. Pension Wise is guidance — it explains your options but does not recommend a specific course of action or product. For personalised recommendations you need an FCA-regulated financial adviser.
Book online at moneyhelper.org.uk/pensionwise or call 0800 138 3944. Appointments are available by phone or face-to-face at Citizens Advice locations. There's no waiting list for phone appointments — you can usually get one within a week.
Anyone aged 50 or over with a UK defined contribution pension. It does not cover defined benefit pensions or State Pension. There is no income or wealth limit — the service is free for everyone.
Your six main pension options (leave it, take cash, drawdown, annuity, mix, transfer), the tax implications of each, the impact on means-tested benefits, and pension scams to watch for. The guider will not recommend any provider or product.
For most people, yes. Pension Wise gives you the framework. A regulated adviser then makes specific recommendations for your situation. Many advisers expect you to have done Pension Wise first.