Separating the advice from the firms that are flogging pension products is essential
Personal finance editor
Tuesday 22 July 2014
The Chancellor hopes his announcement yesterday will lead to a world where retiring people make informed decisions about their pension choices.
To help that happen, he’s set a levy on financial firms to pay for free advice for those who need it.
Separating the advice from the firms that are flogging pension products is essential to ensure that we never again endure the years of people being gently eased into their pension company’s overly expensive annuity.
But with the new flexible annuities remaining an important option, it’s essential that the guidance given does actually help people understand their options and make decisions about their financial future.
That’s why the most important part of yesterday’s stream of announcements is probably that the City watchdog will police the organisations that are giving advice.
With the previously announced “free face-to-face” advice mentioned in the Budget turning into “a range of ways, including web-based and phone-based”, it’s essential to ensure that people receive the right advice.
With 18 million people’s future at stake, the Financial Conduct Authority has its work cut out ensuring that the likes of the Money Advice Service and Pensions Advisory Service can step up to the challenge.
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 3 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 4 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 5 April Fools' Day 2015: The best hoax news stories from around the internet
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
April Fools' Day 2015: The best hoax news stories from around the internet
April Fools' Day 2015 live: The best pranks and fake stories from around the world
University of Cambridge: Remains of 1,300 scholars are found under building
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...