Pension Wise, targeted support and financial advice

Pension Wise: understand the available choices

Pension Wise is a free, impartial, government-backed service delivered through MoneyHelper. An appointment covers taking money from a defined contribution pension, tax and scam awareness. It explains options rather than selecting a particular provider or investment for you.

People aged 50 or over with a UK defined contribution pension can generally use it. Some under-50s are also eligible, including those with an inherited pension or qualifying early access circumstances. Check the current eligibility page. Prepare pension statements and questions about when you want to take money; the appointment is useful even if you have not chosen a retirement date.

Targeted support: suggestions for a defined group

The FCA's targeted support rules took effect on 6 April 2026. Authorised firms with the relevant permission can offer suggestions about defined contribution pensions and investments to consumers who share relevant characteristics. Availability depends on the firm and the situation.

A suggestion might use information about your age, pension or other characteristics to match you to a group. It does not involve the same individual assessment as personal financial advice. Ask which assumptions were used, what circumstances would make the suggestion unsuitable and whether product charges follow if you act on it. Do not assume that a suggestion examines your entire household finances.

Financial advice: a personal recommendation

Regulated financial advice considers your individual position within an agreed scope and can recommend an action or product. Clarify whether the adviser is independent or restricted, what work is included and how you will pay. Some advice is one-off; other arrangements include continuing reviews.

Verify the firm and its relevant permissions through the FCA. A familiar company name alone is insufficient because scammers can impersonate authorised firms. Use independently checked contact details.

Choose the help by the question you need answered

• Learning: “What are the differences between drawdown and an annuity?” is an options-and-trade-offs question for educational guidance.
• Understanding a suggestion: “Why did my provider place me in this group?” helps test the assumptions behind targeted support.
• Deciding: “Which arrangement meets my circumstances, and why?” calls for a personal recommendation if you want someone to assess suitability for you.

These examples describe different information needs, not a required sequence. A person can use more than one service. After any conversation, write down what was explained, what was recommended, what remains uncertain and who is responsible for the next step.

Ask whether the service considered other pensions, debts, a partner's finances, health and dependants. A clear answer about the scope is more useful than a vague claim that a pension has been “reviewed”.