Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Pension Wise definition

What does Pension Wise mean? A UK government service providing free, impartial pensions guidance (not regulated financial advice) to individuals aged 50 or over who hold defined contribution pensions or other “flexible benefits”, explaining options such as drawdown, annuity purchase, UFPLS and transfers introduced by the April 2015 pension freedoms. Delivered via MoneyHelper by the Money and Pensions Service (MaPS), appointments are available by phone or online. While Pension Wise is not a statutory definition of a benefit type, the term is used in legislation and regulatory materials governing signposting and access, including the Financial Guidance and Claims Act 2018 (establishing MaPS), FCA rules...

Pension Wise guidance for flexible benefits - legal and regulatory framework, eligibility, signposting and stronger nudge/opt-out duties; delivery, standards, offences, funding and MaPS/MoneyHelper

Published by a LexisNexis Pensions expert

Practice notes

THIS PRACTICE NOTE APPLIES IN RELATION TO flexible benefits

Under the pension freedoms (also called pension flexibilities) that came into effect on 6 April 2015, every member with flexible benefits—namely money purchase and cash balance entitlements—has a right to free, impartial retirement guidance to help them maximise their pension savings. In this Practice Note, this is called the ‘pension wise guidance’, taking its name from the original Pension Wise brand. From 30 June 2021, delivery of the Pension Wise guidance has moved to MoneyHelper, the public-facing brand of the Money and Pensions Service (MaPS, formerly the Single Financial Guidance Body). For details on MaPS, see Creation of the Money and Pensions Service (MaPS), below.

Objectives of the Pension Wise guidance

The chief aim is to equip and empower people to make informed, confident choices about using their flexible benefits and to steer them through the available options. Further aims include providing the guidance clearly and cost-effectively, and ensuring access for those who most need it. To be effective, the guidance is tailored so as...

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Web page updated on 21/05/2026

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