Advisers are being invited to sign up to a free-to-view public directory which aims to connect pre-retirees with brokers to help them secure a better pension income.
The ‘Pick-A directory', set up by lobby group the Pensions Income Choice Association (PICA), is inviting advisers to register for free ahead of a public launch.
It will act as a shop window for Financial Conduct Authority-regulated retirement specialists - in both the advised and non-advised sectors - to promote their services to those approaching retirement, PICA chairman Tom McPhail (pictured) said.
Advisers will be asked to divulge the services they offer and retirement providers they deal with, as well as their advice charges. To qualify, intermediaries' panels must contain companies that write, in aggregate, at least 75% of the total market's annuity premiums.
With more than half of annuity purchases for fund values below £20,000, the PICA directory will cater for both those seeking advice and those simply seeking simply a better deal. Either way, McPhail said, by shopping around, thousands of retirees will benefit from professional support.
"More value is lost out of the pension system at the point of retirement than at any other stage in the retirement savings journey," he said. "Without someone to help them shop around for the right type of retirement income and to search the market for the best rate, it is virtually impossible for pension investors to get a good deal from their retirement savings. This directory will help them to find the right help at the right price."
McPhail said the directory has been set up with input from the likes of the Department for Work and Pensions and the public.
Adviser can register for the directory HERE.
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