Free pensions advice in South Tyneside gets thumbs up

Free financial advice being offered in South Tyneside has been voted a hit.

Monday, 14th November 2016, 5:00 am
Updated Wednesday, 16th November 2016, 3:51 pm
Citizen Advice South Tyneside's chief executive Ian Thompson, left, with Jarrow MP Stephen Hepburn

Citizens Advice South Tyneside has welcomed independent figures which shows that 85% of people say that the guidance they received means they now have a better understanding of their pension options.

The free Pension Wise service is offered by the local charity - which is based in Station Approach, South Shields.

Ian Thompson, chief executive officer of Citizens Advice South Tyneside said: “Citizens Advice offers face to face Pension Wise appointments at a number of sites across the region, including Edinburgh Buildings in South Shields.

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“It’s great to know we’ve played our part in achieving these great results.”

He added: “Pensions can be a confusing topic but these figures show the real benefit people get from having a Pension Wise appointment. “We’ve also had really positive feedback from people about how much they’ve got from their Pension Wise appointment.”

An Ipsos Mori survey of nearly 2,000 Pension Wise customers across the UK revealed that 85% of people said that the guidance they received means they now have a better understanding of their pension options.

Nearly nine out of 10 (89%) go on to take further action on their pension saving.

Following the pension reforms in April 2015, people approaching retirement have greater freedom over how they can use their pension pots. With a number of options available, people are now able to take a lump sum, take out an annuity or a mixture of both.

Pension Wise is a free and impartial government service designed to help people understand what they can do with their pension savings.

The 45 minute appointments are tailored to the individual, taking into account the value of their pension and their plans for retirement.

A Pension Wise appointment may help you if:

*You are approaching retirement or are 50 or over

* Have a defined contribution pension

Anyone in need of pension advice can get details of the scheme by calling at Citizens Advice Soiuth Tyneside of calling 0800 138 8292.”