Press Release: City MP says more should use Citizen Advice pension guidance

Richard discussing the Pension Wise scheme at the Citizens Advice Bureau, Gloucester

Richard discussing the Pension Wise scheme at the Citizens Advice Bureau, Gloucester

“Deciding what to do with your pension pot, if you have one, can be complicated. Not enough people know you can get good guidance from Citizen Advice.”

That was Gloucester MP and Parliament’s Work and Pensions Select Committee member Richard Graham’s view recently after reviewing the Gloucester Citizens Advice free service – part of the government’s ‘Pension Wise’ scheme.

The MP said not enough people in the city or county were aware of the service, which taxpayers are funding.

“If you’re over 55 and have a money purchase, or Defined Contribution pension, you chance a lot of new freedom about what you can do with it. But what would be best for your situation? That’s where very experienced Citizens Advice staff can help.”

Richard Graham, who also chairs Parliament’s All Party Pensions Group, encouraged constituents to ring 01905 721892 and book an appointment.

“Take advantage of this free opportunity now.”

Notes:

Government reforms have given people new freedom over their pension pots. Currently anyone 55 and above, with a defined contribution pension, can decide what to do with their money.

To help people understand the flexibility they now have with their pension savings the Government launched Pension Wise to help people make informed decisions.

Face-to-face appointments with pension specialists are available through Citizens Advice, with appointments taking place at the Gloucester Citizens Advice office in Eastgate.

Pension Wise has helped people with pensions ranging from less than £1,000 to more than £1 million in the city.

One 60-year-old woman, keen to understand every aspect of her pension and the options available, said her Pension Wise appointment had been “very helpful and thorough”, continuing she “would recommend it to anyone”.

Another client described the specialist he spoke to as “very knowledgeable” and appreciated the time taken to help him with understanding his pension.