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Pension Wise Service – CAB

New pension rules came into effect on 6 April 2015. There is now more freedom over how to access your pension pot. These changes affect you if:

•             you’re 50 or over, and

•             have a pension based on how much has been paid into your pot (a Defined Contribution pension, also called a ‘money purchase scheme’).

Contact the delivery centre to find out whether you are eligible for the new pension flexibilities and for free Pension Wise guidance.

Defined Contribution pension scheme - A personal or workplace pension based on how much money has been paid into your pot. Also known as ‘money purchase’ schemes. When you take money from a defined contribution pension it comes from the money you (and sometimes your employer) saved into it over the years, plus any investment returns your money may have earned. With defined contribution pensions, you can decide how you take your money out.

Defined Benefit pension scheme - A type of workplace pension based on your salary and length of time with your employer. Also known as ‘final salary’ pensions. A defined benefit pension gives you an income based on your salary, length of service and a calculation made under the rules of your pension scheme. With defined benefit pensions, your employer guarantees a certain amount each year when you retire.

You can get more information about Defined Benefit pension schemes from the Pensions Advisory Service and the Money Advice Service.

 

Pension Wise Guidance Appointments available in Ceredigion and Carmarthenshire

Contact the Pension Wise Delivery Centre on Telephone 01239 621594

Email pensionwise@cabceredigion.org

Website  www.pensionwise.gov.uk

http://www.cabceredigion.org/pension-wise/