Pension Wise is to be the new name of the governments pension guidance service, it was announced today.
The major changes, announced in the Budget, to how people access their defined contribution pension savings are coming into effect this April. In order to help retirees make the most of their new pension freedoms, the government pledged that it would provide access to free and impartial guidance making sure that consumers benefit from increased choice.
The service will be delivered by the Citizens Advice (England and Wales), Citizens AdviceScotland and Northern Ireland Association of Citizens Advice Bureaux and The Pensions Advisory Service.
The Pension Schemes Bill, which is currently going through the House of Lords, will make the imitation of 'Pension Wise' a criminal offence to anyone trying to offer the official guidance service.
The new name and logo will only be used by the government delivery partners in providing online, face-to-face and telephone guidance.
Economic secretary to the Treasury Andrea Leadsom said Pension wise would be a first port of call for people with a DC pot who are approaching retirement.
'People who have worked hard and saved all their lives will be free to choose what they do with their money from next April.
'We want people to be empowered to make informed and confident choices and I'm delighted to announce Pension Wise: Your money. Your choice as the brand name for the impartial guidance service we are building.'
Ros Altmann, the government's business champion for older workers, welcomed the further details published today.
She said: 'Until now, there has been no help with the complex decisions people face when they reach pension age and at last, there is an independent source of help to point people in the right direction.'