1. Pension Wise Financial Inclusion Action Group
Stephanie Brown – Pension Wise Guidance Specialist
Introduce yourself/yourselves: Name, your role within Pension Wise.
Example:
I’m Emma.
I’m a guider working out of Leeds Citizens Advice Bureau. As a guider I run the Pension Wise guidance sessions, taking you through what you can do with your money and helping you come out from the session better informed of your options. If you book in for a guidance session, you’ll be talking to me or one of my colleagues.

2. What I will cover today What is Pension Wise?
Who is suitable for the service?
The guidance session
Case Study
Questions
Quick run through of what will be covered in the session today.
Outline any safety (fire alarms, exits etc.) instructions.
Outline that people can ask questions as we go through the presentation.
REMEMBER to update the red section in square brackets.

3. What is Pension Wise? Free and impartial government service
Defined contribution (DC) pensions
To help people understand their options
To help people avoid falling victim to scams
Face to face appointments available at CAB
Pension Wise is a free and impartial government service about your defined contribution pension options.
Explain what a defined contribution pension is (NB many people have difficulties with this)
Outline the differences between a defined contribution pension (which would be affected by the reforms) and a defined benefits pension (which would not be affected by the reforms and therefore holders of this kind of pension, with a few exceptions, would not benefit from Pension Wise)
This may need more explanation is the audience is still unsure of the difference
To help people understand the options available to them, and be more informed about pensions when making decisions and discussing with pension providers
Guidance, not advice
Expand on the last point on the slide to emphasise the distinction between guidance (which is what the service provides) and advice (which it does not).
Outline the different delivery methods:
Website
Face-to-face
Telephony

4. Who is the service for?
Close to or over 55 or younger in certain circumstances such as a life limiting illness
Have a defined contribution pension
Most benefit if close to retirement decision
Close to or over 55 – when most people can access their DC pensions by law
Have a defined contribution pension
The service is only for defined contribution pensions as this is what the legislative changes cover
The service is of the most benefit if the user is close to making a retirement decision – i.e. within 6 months away – as products are likely to continue changing; hence the age criteria

5. The guidance session Around 45 minutes
Explains new freedoms and options
What it means for your circumstances
Shopping around, taxes and scams
Next steps
Summary letter
The appointment will last around 45 minutes, and is free, impartial and confidential
Won’t give advice, but guidance and information on the new freedoms and options
Explains the five main options individuals now have under the new freedoms:
Leaving pot and doing nothing
Taking a secure income (e.g. annuity)
Flexi-access drawdown products
Cash lump sum
Mixing their options
(explain these options as required for audience)
Will tailor the guidance to circumstances discussed during the appointment
Also explains;
the advantages of shopping around and how to do it to get better value products
the tax implications for different decisions
Information on how to avoid scams and protect selves
Set out possible next steps, such as where to go for further information
Afterwards you’ll receive a letter with a summary of the pension options and what they mean for your circumstances.

6. Case Study
Fred

7. Questions? For further information, please contact:
Stephanie Brown – Pension Wise Guidance Specialist
ext 140
Take any questions.
If appropriate, offer details of a representative who can take follow-up enquiries after the session