Pension Wise appointment tomorrow

[abbeymeadster]

One of my pension schemes requires everyone to have had an appointment with Pension Wise before it can start being paid.

I've gathered together the info they suggest in preparation (value of all pension schemes and whether DB or DC; state pension forecast; other savings.)

Can anyone suggest any questions I should ask? I want to get the most out of my allotted time!

Thanks.

[JohnB]

I got an hour. Its fairly scripted, but I could get my chap to skip stuff. They will ask about dependants, health, all leading up to the 6 access options you have for DC pensions, which is their expertise. Only you know if your tax position needs careful handling of LTAs and pension payments.

[abbeymeadster]

Thanks John.

It's rather strange that my pension plan requires this appointment, given that it's a DB (final salary) pension. Perhaps it's because there's the option to take up to 25% tax-free & they want people to think about that before doing it.

In my case, I do have a small AVC attached to this pension, so I need to make a decision what to do about that.

[mc2fool]

It's rather strange that my pension plan requires this appointment, given that it's a DB (final salary) pension. Perhaps it's because there's the option to take up to 25% tax-free & they want people to think about that before doing it.

Especially strange as the Pension Wise site says:

"You can have an appointment if:

. you’re aged 50 or over, and
. you have a UK-based defined contribution pension pot (this could be a personal or workplace pension)."

and

"If you’re under 50 or only have a defined benefit pension you won’t be able to have a Pension Wise appointment"

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

In my case, I do have a small AVC attached to this pension, so I need to make a decision what to do about that.

Presumably that's what they want you to have the Pension Wise appointment for ...... ?

[chas49]

Moderator Message:
Moved to Pensions - Practical Problems board (chas49)

[abbeymeadster]

In my case, I do have a small AVC attached to this pension, so I need to make a decision what to do about that.

Presumably that's what they want you to have the Pension Wise appointment for ...... ?

Most people don't have an AVC, yet all are required to have this appointment...Anyway, I'm happy to have a chat with them tomorrow.

[ayshfm1]

It was an optional appointment for me.

It does however make things easier - every form asks if you've had this interview. I figured it was easier to go with the flow and be able to simply tick that box.

It laid the options out even the truly dopey ones like take all the money now and give a huge chunk to the taxman. If you've done your homework it probably won't be very useful.

I wanted to run my entire retirement plan through with him to see if he could spot the flaws, it was rapidly apparent it was a question and answer session and he had the questions, there was no opening to do this.

I did ask some specific questions looking to see what sort of advice they'd offer, ie did he know what he was talking about, broadly the questions were dodged, it's not to provide anything specific.

Part of me thought I was looking at some form of introduction to a paid financial advisor, but it never moved into that direction, so I ended being mystified on what was the goal of it all was.

[MDW1954]

Those who know my real identity on these boards know that I'm reasonably informed in these matters.

So I have to say that I was really, really impressed with my PensionWise interview. Maybe I got a really, really good adviser. I don't know. But I couldn't fault a word he said. And... he told me a few things that I didn't know.

What to ask? I simply talked through the options facing me, and what my plans and thoughts were.

MDW1954

[sizzors]

your probably better informed than most of us on here MDW so it would be nice to know what he told you that you didn't know

[MDW1954]

your probably better informed than most of us on here MDW so it would be nice to know what he told you that you didn't know

I kept notes, and I've dug them out. How useful they'll be to others, I've no idea. But to stress: it wasn't a scripted Q&A, it didn't feel forced, and I left feeling genuinely helped.

Gimme a day or so, and I'll pull out some bullet points.

One thing to share straightaway: I got firmly pointed to talk to my SIPP provider's helpline, to discuss how the practicalities of taking an income from my SIPP worked on their platform. Key tip: "Ask what do most people do? And then ask why?" I'm aware that this sounds really banal, but it was incredibly useful. I took a full page of notes.

I'll be back, once I've digested the notes.

MDW1954

[sizzors]

thank you MDW,i get access to my sipp in three months and don't know what to do with pensionwise,did you do telephone or person to person contact ?

[MDW1954]

thank you MDW,i get access to my sipp in three months and don't know what to do with pensionwise,did you do telephone or person to person contact ?

That's easy. I booked the appointment (it was about a month in the future), and then the advisor phoned me on the appointed day, at the appointed time.

I felt happier doing it on the phone, and did so.

I started by saying that I knew a reasonable amount (he asked how, and I explained) and stressed that I was saying this not to show off, but so that he could calibrate his advice better: I knew the basics.

I had expected that it would be a shortish conversation. In fact, it wasn't.

Your questions are making me think about this process, and it's interesting to recall. I suppose the key thing I'd pass on is to have some idea of what you want to do.

So I wasn't "what should I do?", but more, "this is what I'm currently thinking -- can you see any holes, or any ways to improve it?"

And he did.

MDW1954

[Bminusrob]

Those who know my real identity on these boards know that I'm reasonably informed in these matters.

So I have to say that I was really, really impressed with my PensionWise interview. Maybe I got a really, really good adviser. I don't know. But I couldn't fault a word he said. And... he told me a few things that I didn't know.

What to ask? I simply talked through the options facing me, and what my plans and thoughts were.

MDW1954

Good to know you were told a few things you didn't know.

I had a PensionWise interview six or seven years ago. My pension arrangements are fairly straightforward. Decent final salary pension (about 25 years of contributions), additional defined benefit scheme (about 12 years of contributions) and nearly a full state pension. I wasn't told anything I didn't know already, but it was still useful, if only to confirm that I had understood things correctly and not missed anything. The lady was pretty good, and could answer most of my questions, and given the homework I had done, the questions went very deep.

[abbeymeadster]

So I had my telephone appointment yesterday.

The bloke I spoke to was knowledgeable, but it was a bit scripted in that he did have to run through things in a particular order. I don't think I really learnt anything new, but then I have read round the issue pretty comprehensively. There were a couple of issues that I will take away, such as needing to check with my providers that they offer the options that I want; to check their fee structure e.g. some charge each time there's a withdrawal, which might impact how many times a year you drawdown; and to check whether the providers will require me to do something with the SIPPs at age 75 (if it may be that I won't touch it.)

Pension Wise only covers DC schemes. However, he pointed me to the Pension Guidance helpline which also covers DB/final salary schemes. I think their number is 0800 011 3797 although I have contacted them through Webchat on this website: moneyhelper.org.uk/PensionsChat/ They are also a general advisory service i.e. don't cover anything approaching personal tax or financial advice.

[sizzors]

had my pensionwise appointment last week,complete waste of time,he spent ten minutes telling me what he was going to talk about. i told him my intensions going forward and he said you seem to know what you want to do and seem to know all the ins and outs, conversation done.if the government have paid him over a tenner he's ripped 'em off big time,total joke

[DrFfybes]

Having looked at some of the replies here, is anyone surprised?

That MDW learnt some alternatives and improvements is pretty good, but let's be honest, this is a Finance and Investments board, we should be pretty savvy about our pensions.

The people who will benefit are paople like the 40 year old labourer who was working on our house the other week who's on a decent daily but seems to have spent it all on hot atches for the last 15 years, people who have no clue about retirement, and who's sole plan at the moment it to carry on until the SP kicks in, completely oblivious as to how small it is compared to his current income, or how much longer he'll be able to work in his current role at his current pace.

Sadly for them, the appointment will be about 20 years too late.

Paul