Pensions passport must replace wake-up packs - Hargreaves

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Wake-up packs for people approaching retirement should be scrapped in favour of a simple pensions passport to help make it easier to shop around, Hargreaves Lansdown has said.

It made the suggestion as part of its response to the government's guidance guarantee consultation which closes today. Hargreaves Lansdown head of pensions research Tom McPhail - who is also chairman of the Pensions Income Choice Association (PICA) - said the window of time before the guidance guarantee comes into effect was an opportunity to improve the customer retirement journey. The firm set out a series of key recommendations to the government. It said there should be a single, well-governed directory of retirement income providers and the cost of the guidance guarantee should...

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