Your Pension Choice Could Affect your Benefits

Since April 2015, workplace and personal pension savers have been able to access their pension in more flexible ways giving them more freedom to decide what to do with their money. Of course, with more freedom comes more responsibility to make sure you decide on the right option for you. [CAB NAME] says that your decision to access your pension could affect your right to certain benefits and therefore it is really important that pension savers know the pros and cons before making a decision.

Gillian McInnes Manager of Argyll and Bute Citizens Advice Bureau says:

“Deciding to access your pension savings can have an impact on the state benefits claimed by you and your dependents resulting in a reduction in your household income. On the other hand choosing to leave your pension pot untouched could also affect you if you are deemed to be depriving yourself of money purposely in order to increase your benefit entitlement.”

“The rules around benefits are complicated and seeking advice before you make a decision on your pension is crucial. You can get to know your pension options and how they can affect on your benefits by booking a free and impartial Pension Wise appointment at your local Citizens Advice Bureau.”

Anyone aged 50 or over with a defined contribution pension scheme is eligible for a Pension Wise appointment. Call Pension Wise on 0800 138 3944 or go online at www. pensionwise.gov.uk to book your appointment. Or contact your local Citizens Advice Bureau to find out more.