New Pension Freedoms

New Pension Freedoms

The revelation by the Mail on Sunday that critical personal financial data was being sold to potential fraudsters and “Cold Callers” has further fuelled the concern about the potential for problems when new pension freedoms come into force. These concerns are summarised here.

It is generally good advice not to respond to cold callers, whatever way they use to approach you (at the door, on the phone or through the internet). If you did not invite the contact – refuse to respond to it.

The government have set up “Pension Wise” to help explain the new rules around greater pension freedom and the available options. Which? Provide a useful guide to the Pension Wise service, explaining the service and providing some useful questions that you might wish to ask here. The government have launched the Pension Wise website. If you visit this site, you will note that it is new and a beta site, asking for your feedback to help make improvements. Click here to visit the site.

Citizens Advice is working with the Treasury to make sure as many people as possible can easily access a face to face Pension wise session (see here). You can contact CAB in Wales on                03444 77 20 20.

It must be very tempting to let somebody else offer to resolve what might appear to be a complicated subject. But; this whole area is fraught with potential dangers. At best you may be offered a poor deal. At worst you may be conned. Taking the wrong action may also leave you liable to tax.  If you have doubts take appropriate advice, do more research. Don’t fall prey to cold callers.