LAST week marked six months of freedom and choice for pensions and Citizens Advice is encouraging eligible people in Farnham to seek free guidance to make sure they understand their options.

The new pension freedoms, introduced in April, mean people over 55 who have a defined contribution pension now have the option to take their pension savings as an annuity, cash or flexibly over time.

Alongside these changes the government launched Pension Wise, a free, impartial service to help people approaching retirement understand their options so they can make informed decisions about their pension pot.

Face-to-face Pension Wise appointments are available in many local Citizens Advice offices, and since the service’s launch six months ago, has been helping people understand the range of options now available.

A 55-year-old man came to Pension Wise as he wanted to know how he could take money from his pension now. In his eagerness to access his pension he had spoken to a company who had sent him a form with lots of details to fill in.

At his appointment he was warned about scams and the risk that the form could contain a form of authority for the company to access his pension. Fortunately, he didn’t fill in the form so when the courier arrived unannounced to take the forms he didn’t leave with the man’s pension.

Sarah Carter, operations manager at Citizens Advice Rushmoor which is responsible for offering the Pension Wise service in the Farnham area, said: “Pension Wise helps people make sense of their pension options.

“In the last six months, we have had a range of different questions about the new freedoms: from cashing in 25 per cent of a pension pot tax-free to how a decision might affect any benefits someone already receives.

“Pensions can be confusing. Pension Wise offers people an opportunity to seek guidance to understand their options before they make any final decisions. We encourage people to call us on 01252 894288 to book a free guidance session.”

To book a Pension Wise appointment, visit your local Citizens Advice office or call 0300 330 1001.