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Pension Wise is NOT so WISE and only gives guidance and NOT advice!

Guidance is a very poor substitute for proper regulated advice, so to find that the government are actively encouraging guidance over advice is a clear breach of Treating Customers Fairly in the eyes of many financial advisors and wealth managers.

Only this week a client called into the office of an organisation that coordinates a network of FCA regulated financial advisors to tell them that Pension Wise had told her that in their opinion she should take her 50k pension pot and put it into an annuity?

Based on current rates, a 65-year-old with £50,000 might expect an annual income of around £2,500, although bear in mind that this will vary significantly based on your health and the terms of the annuity. That's £208 per month £52 per week and £7.42 per day to live on? Could you feed,clothe and pay your utility bills on that?

A guaranteed income for life – in the region of £200 a month – is certainly nothing to be sniffed at, but rates are low by historical standards so it absolutely makes sense to consider alternatives.

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