Pension Wise opens for business

Two weeks before the new pension reforms officially launch, the UK government’s Pension Wise has begun taking calls and setting up meetings to the thousands of people seeking information and advice about their situation.

The service is designed for anybody aged 55 or over and you can either speak to an independent adviser on the phone or book a face-to-face meeting.

However, one key element of the service is that it only offers guidance, as opposed to advice, which means that the information will help clarify the situation but will stop short of making recommendations, assisting with investments or give technical advice.

While some advisers believe the service is too late, it is still unclear whether the service will provide complete guidance for non-residents where the tax rules and number of options are much more varied.