Money and Pensions Service launches new guide to help millions of pensioners in retirement

• Redesigned pensions guide to help people better understand their retirement options.
• First redesign in over 10 years, informed by customer feedback and developed in collaboration with Aegon and Plain Numbers.
• Pension providers send the guide out to millions of pension policyholders turning 50 as part of a 'wake-up’ pack.

The new publication, ‘How to take your pension: a step-by-step guideOpens in a new window’, replaces ‘Your pension: your choices’, which has been a key source of guidance since 2015.

Issued by pension providers to pension policyholders approaching 50 as part of a ‘wake-up’ pack, the guide helps engage the UK public as they start thinking about how and when they access their retirement savings.

The updated guide has been reduced in length by around half and rewritten to make it clearer and easier to navigate. The new guide provides step-by-step directions to help people understand their retirement options, consider what actions they may need to take and signposts to further trusted sources of help, support and information.

The publication is also the first piece of MaPS content to achieve Plain Numbers certificationOpens in a new window, recognising its use of proven techniques to communicate numbers and complex information in ways that are easier for people to understand and act upon.

The redesign of the pensions guide reflects MaPS’ commitment to ensuring its services are accessible to everyone, including those who may find financial information difficult to engage with.

Sarah Hunter, Lead Digital Editor at the Money and Pensions Service, says:

"Our shorter, clearer step-by-step guide means people turning 50 can more easily understand their choices for making the most of their pension income options.

“Presenting numbers in the clearest possible way helps them understand their options, take action and prepare for retirement with confidence.”

Mike Ellicock, Chief Executive and Founder of Plain Numbers, says:

“Millions of people turning 50 receive this guide at a moment when the decisions they make could define their financial future.

“Getting the numbers right isn't a nice-to-have - it matters. The Plain Numbers Certification reflects the genuine commitment MaPS brought to this.”

The project was developed through close collaboration with Plain NumbersOpens in a new window and AegonOpens in a new window. As the UK’s largest investment platform, Aegon shared customer research that identified where the previous guide was falling short and supported further testing to ensure the new version better meets the needs of pension policyholders. 

‘How to take your pension: a step-by-step guide’ is available to download or order for free on the MoneyHelper websiteOpens in a new window.

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• The pensions guide focuses on defined contribution (DC) pensions and is distributed by pension providers as part of a ‘wake-up’ communications pack.
• Millions of pension policyholders across the UK receive the guide from age 50 and every 5 years after that until they access their pension.
• The redesign project is featured as a case study in the latest Plain Numbers Customer Understanding ReportOpens in a new window.

• MoneyHelperOpens in a new window is our consumer-facing service, offering free and impartial money and pensions guidance that is backed by government.
• It brings together the support and services of three former government-backed financial guidance providers: Money Advice Service, The Pensions Advisory Service and Pension Wise.
• MoneyHelper offers clear guidance online, over the phone and face-to-face and points users to other sources of trusted information, if they need more support.