.png)
.png)
Recent report highlights lack of guidance and advice given to savers to make informed decisions.
Individuals do not have enough information to take advantage of the reforms to pensions introduced in April 2015 according to the House of Commons’ Work and Pensions Committee. In a report Pension freedom guidance and advice the committee said the lack of provision to aid savers make a well-informed choice could lead to a major pensions misselling scandal.
Evidence to the committee demonstrated that the advice and product markets were responding to fill gaps but lack of regulatory clarity was endangering pension savers. Improvements in guidance and advice were crucial to the success of the policy. The committee called on government to:
- provide more anti-scam publicity and introduce stricter reporting requirements for pension providers;
- reduce the use of jargon and complex pricing structures for savers trying to withdraw funds;
- ...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
