Who can help you decide how to take your money
You could get expert help, at no cost to you
If you’re retiring with more than £10,000 in your RMDCP pension pot, HUB can help you decide how to take your money. They’re a team of retirement planning experts. Royal Mail pay them to help you, so their services are free. You can choose either:
- Retirement Advice Service – an adviser looks at all your pension savings, not just the money in your RMDCP, and recommends the best way for you to take them. This includes things like drawdown – where you carry on investing your money and take an income from it, and annuities – where you use your money to buy an income for life from an insurance company.
- Guided Annuity Service – this helps you choose an annuity that’s right for you, using the money in your RMDCP.
You can talk to HUB as soon as you’re ready to start taking your money – just call Scottish Widows on 0800 092 8263. Then, they will put you in touch with one of HUB’s retirement experts.
If you’re retiring with less than £10,000 in your RMDCP pension pot, you can still get help deciding what to do. You can take up to £500 from the RMDCP tax-free to use on financial advice, so you can be sure you’re choosing the right option for you. To do this, call Scottish Widows when you’re ready to start taking your money, and let them know you’d like to get financial advice.
There’s lots of free information and guidance out there too
However much you’ve saved in your pension pot, there are people who can help you think through your options.
Pension Wise is a government service offering free, impartial guidance to anyone over 50. Call them on 0300 330 1001 – you can talk to them over the phone or arrange to meet them face-to-face.
The Money and Pensions Service is a government service offering free information, guides and tools to help you choose how to use your money. Call them on 0800 138 7777 or visit moneyandpensionsservice.org.uk. If you’re over 50, you can get free, impartial guidance – you can talk to them over the phone or arrange to meet them face-to-face. They can also help you find a financial adviser, but you’ll probably have to pay for their advice.
Look out for scammers
There are people out there who would love to get their hands on your pension savings. They are really clever and will come across as very professional. Find out how to spot them. And if you’re in any doubt, don’t act on their advice or move any of your money.