Free Retirement Guidance Should Be Independent

August 7th, 2014

There is widespread support for government proposals to provide free retirement guidance but more than half of over-55s think it should come from an independent, consumer body.

Chancellor George Osborne announced plans at the 2014 Budget to guarantee all retirees with a defined contribution pension “free, impartial face-to-face advice”.

Retirement “advice”, which is regulated, was quickly replaced with “guidance”, which may be unregulated, subject to the final rules.

A survey by LV= found that 80% of respondents supported the proposals, due to take effect from April 2015.

However, the responses revealed a lack of faith in pension providers to give impartial, trustworthy guidance.

The survey of more than 2,000 people aged over 55 found:

 

 


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