The short answer
Pension Wise is a free, impartial guidance service from MoneyHelper for people aged 50 or over with a defined contribution pension. It explains your options for taking your pension but does not recommend what you should do. A financial adviser looks at your whole situation and gives you a personal recommendation they are accountable for, usually for a fee. Many people use Pension Wise first, then an adviser for the decision itself.
What Pension Wise does
Pension Wise is run by MoneyHelper, which is backed by the government. Appointments are free, by phone or face to face, and explain the ways you can take money from a defined contribution pension — tax-free cash, drawdown, an annuity, or a mix — and how each is taxed.
It is guidance, not advice: it will not tell you which option to choose, which provider to use, or how to invest. It is open to people aged 50 or over with a defined contribution (money purchase) pension.
What an adviser adds
A regulated adviser looks at everything together: all your pensions, ISAs and savings, your partner's position, tax, inheritance and how long the money needs to last. They then recommend what to do, and they are accountable for that recommendation through the FCA and the Financial Ombudsman Service.
Some decisions effectively require advice. Transferring a defined benefit (final salary) pension worth more than £30,000 requires you to take regulated advice first.
Using both
Pension Wise is a good first step: it costs nothing and you arrive at an adviser already understanding the options. An adviser then turns the options into a plan. A free RetireReady report is another way to arrive prepared — it shows where you stand against national benchmarks before you speak to anyone.
Common questions
Who can use Pension Wise?
Anyone aged 50 or over with a defined contribution pension. It is free and impartial, and run by MoneyHelper.
Does Pension Wise give financial advice?
No. It gives guidance on your options and how they are taxed, but does not recommend what you should do. For a personal recommendation you need a regulated financial adviser.
Do I need a financial adviser to take my pension?
Not usually for a defined contribution pension, though many people choose advice for a decision this large. You must take regulated advice before transferring a defined benefit pension worth more than £30,000.
Sources
See where you stand
A few minutes of quick taps. Your own retirement report, then a free call with an FCA-regulated adviser if you want one.
Get my free reportRetireReady is not a financial adviser and this article is not financial advice. It is educational content using figures from cited public sources — not projections or recommendations. We connect you with FCA-regulated advisers.