[JD6]

I have one of these Pension Wise appointments scheduled for tomorrow. I have very little idea of how much use they are, but thought it made sense to try it and see.

I will have all of my pension and investment info to hand. I imagine it will be an opportunity to check that I have a good understanding of my pension situation. I think I have done my homework, but would welcome any advice or experience of these things...


For those unaware of it, it's a free government service for the over 50s: https://www.moneyhelper.org.uk/en/pe...t/pension-wise

[DaveA]

I used them for specific queries and they are pretty helpful... and helped answer some specific queries I had about some things...

There is another service as well that I cannot recall, but they were helpful, also... If I remember their name, I will post...

Edit to add... I think the second service I was thinking of is the Money advice service and they have merged into the same body as the pensions advisory service (pension wise)...

[Scoobyd]

I'm not even going there...

[JD6]

Originally Posted by Scoobyd

I'm not even going there...

I would be interested in your opinion

[JD6]

Well that was a waste of an hour. Very pleasant Geordie chap, but it's a heavily scripted call and aimed at those who don't have much/any idea about pensions and finance.

I tried to concentrate on the bits that interested me, but he was obliged to go through the scripted options. Not his fault at all, but it seems to be set up in a pretty inflexible way. I don't think the advisers are required to have much depth of knowledge.

[MashinBenzin]

Originally Posted by JD6

Well that was a waste of an hour. Very pleasant Geordie chap, but it's a heavily scripted call and aimed at those who don't have much/any idea about pensions and finance.

I tried to concentrate on the bits that interested me, but he was obliged to go through the scripted options. Not his fault at all, but it seems to be set up in a pretty inflexible way. I don't think the advisers are required to have much depth of knowledge.

I feared that that might be the case. Still, you gave them a chance … and I guess using the service at least means it's more likely to continue for those that do need it's limited help.

[HighlandPete]

I used them as a sounding board when I retired.

I had a face to face appointment and the guy was pretty good, to be honest. Made a couple of suggestions, one of which I had considered and put into place. Otherwise it was more a confirmation I had got it sorted pretty well anyway.

[JD6]

Originally Posted by MashinBenzin

I feared that that might be the case. Still, you gave them a chance … and I guess using the service at least means it's more likely to continue for those that do need it's limited help.

I'm sure it has a value for those who are just not financially aware at all. If it means than fewer get scammed out of their pensions, then it's worth it.

As with many well-intentioned policies, the way it has been implemented does feel like a slightly wasted opportunity.

Originally Posted by HighlandPete

I used them as a sounding board when I retired.

I had a face to face appointment and the guy was pretty good, to be honest. Made a couple of suggestions, one of which I had considered and put into place. Otherwise it was more a confirmation I had got it sorted pretty well anyway.

I wonder if you got lucky with your adviser, or perhaps face to face is a better idea as they may be a little more clued-up and don't feel obliged to stick to the script due to the line being recorded. I had the impression that my chap might have only had a couple of weeks of training.

[TodmordenLad]

Had a Pensions Wise appointment a good few years ago and it was remarkably bad. Got myself a good IFA, for which there's no substitute, tbh.

[Scoobyd]

Originally Posted by JD6

Well that was a waste of an hour. Very pleasant Geordie chap, but it's a heavily scripted call and aimed at those who don't have much/any idea about pensions and finance.

I tried to concentrate on the bits that interested me, but he was obliged to go through the scripted options. Not his fault at all, but it seems to be set up in a pretty inflexible way. I don't think the advisers are required to have much depth of knowledge.

That's been the general feedback I hear too. Good if you're going into it with little to no knowledge of your options in retirement and how pensions work etc but if you already know this stuff, and need some assistance beyond this, then not much they can do. They're not advisers so can only give generic information and can't be specific to your own situation. They then normally recommend you seek the help of an IFA for anything beyond their script. But it's free. So you get what you (don't!) pay for I guess!

If you want to have a chat and run any of the things you were hoping to get out of the call by me I'd be happy to have a chat on the phone sometime if it helped. And not with a view to becoming a client!!

[JD6]

Originally Posted by Scoobyd

If you want to have a chat and run any of the things you were hoping to get out of the call by me I'd be happy to have a chat on the phone sometime if it helped. And not with a view to becoming a client!!

That’s a very kind offer. I’d really appreciate that.