Following the introduction of new pension freedoms in April 2015, Causeway Citizens Advice are now offering free and impartial guidance through the Government’s Pension Wise service.
If you are over 55 and have a defined contribution pension, you can now buy an annuity, take all your pension out in one go, or withdraw it bit-by-bit flexibly. You can also mix and match your options – for example taking out just some and using the rest to buy an annuity. Usually you will be able to take out 25% of your pension tax free and the rest will be added to your other income in that year and taxed at your marginal rate.
Pension Wise is free and impartial and aimed at those over 50 who are seeking guidance on their pension options.
The recent changes to pensions have given people more flexibility than ever before in how they access their pension benefits. The decisions you make regarding how and when pension benefits are taken can be one of the most important decisions you’ll ever make. For this reason it is crucial to fully understand all of the options available. Pension Wise, which is being delivered face-to-face by Citizens Advice, can offer you a free, impartial guidance session to give you a greater understanding of all of the options and enable you to make a more informed decision.
‘As a trusted, independent charity, Citizens Advice is in a unique position to deliver face to face pensions guidance. We have many years’ experience working at the heart of communities, helping people get to grips with their finances, so it is a natural fit for us to help people understand their pension options and make choices for their future.’
James Bell and Ian Thompson, Pension Wise Guidance Specialists, Causeway Citizens Advice
If you are 50 or over, and have a defined contribution pension pot, call into Causeway Citizens Advice at 1-5 Brook Street, Coleraine or telephone (028)7032 9775 to arrange a face-to-face appointment.
For further information, and to find out how to book telephone appointments, you can also visit the Pension Wise website at www.pensionwise.gov.uk, or call the national number 0300 330 1001.