Advice: Can I draw down money from my pension?

Pat Hutchinson MBE.
Pat Hutchinson MBE.

By Pat Hutchinson MBE, District Manager, Newtownabbey CAB

Q: I have heard that there have been some changes in the Summer Budget with regard the new Pension Wise project. I’m 50 with a personal pension and I want to draw down some money from it. Can I get a Pension Wise appointment at Citizens Advice?

A: The government has confirmed that the Pension Wise at-retirement guidance service will be expanded to give people more time to plan for their retirement.

The Pension Wise service unveiled in January this year, has so far been open only to those aged 55 and over with a Defined Contribution pension (an occupational or personal pension) - this does not include a final salary pension.

In the Treasury’s Summer Budget document, it confirmed the service will be opened up to those aged 50 and above as well.

The Treasury has confirmed that the change takes place with immediate effect, and that the rule requiring that savers be within six months of making a retirement decision before they use the service has been lifted.

It said: “The government has extended access to the successful Pension Wise service to those aged 50 and above, and launching a new comprehensive nationwide marketing campaign. This will ensure more people can access high-quality, impartial guidance on making the most of the new pension flexibilities.”

To book a Pension Wise appointment please call 028 90852069.

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.

• Get free, confidential and independent advice from your nearest Citizens Advice Bureau – go to www.adviceguide.org.uk or call at: Newtownabbey Citizens Advice Bureau, Dunanney Centre, Rathmullan Drive, Rathcoole, Newtownabbey, BT37 9DQ. Telephone advice is available 9am – 4pm each day on 028 90852271 (Lunch 1:00 - 1:30pm); email advice is available by contacting enewtownabbey@citizensadvice.co.uk