LV= calls for mandatory at-retirement guidance

Service should be funded by industry, argues group

Carmen Reichman
clock • 2 min read

Provider LV= has called on the government to make guidance mandatory for people wanting to enter retirement, after it found nearly half a million people could be retiring each year without any help.

Responding to the Treasury's consultation on the future of public financial guidance, LV= warned of a "mis-buying crisis" and said those who do not take advice should be forced to take guidance. The provider said it wanted to see a merged money and pensions guidance body, which would provide the service and be funded by the industry. The government is planning to abolish the statutory guidance providers - the Money Advice Service (MAS), The Pensions Advisory Service and Pension Wise - and replace them with two new 'slimmed down' bodies. One will offer pensions guidance, and the other ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

British Steel a stark reminder of obligations around client files

British Steel a stark reminder of obligations around client files

Lawyer Philippa Hann reflects on her work around the pensions case

Hope Coumbe
clock 27 March 2024 • 2 min read
SSAS and the general levy: A victory for common sense

SSAS and the general levy: A victory for common sense

The value of SSASs after general levy consultation outcome

Caitlin Southall
clock 26 March 2024 • 5 min read
Pension dashboard operators join forces to push project forward

Pension dashboard operators join forces to push project forward

Coalition aims to bring 'dashboards to consumers as early as possible'

Jasmine Urquhart
clock 25 March 2024 • 2 min read