Advisers have just a few days left to be part of the launch of a free consumer directory of retirement specialists before the site goes live on Monday.
The ‘Pick-A directory', set up by lobby group the Pensions Income Choice Association (PICA), aims to connect pre-retirees with advisers and brokers to help them secure a better pension income.
It is free for advisers to sign up to and for consumers to use. To join, intermediaries must be authorised by the Financial Conduct Authority (FCA), sign up to the Association of British Insurers (ABI) code of conduct published last March and shop around at least 75% of the total market's annuity premiums.
About 1,000 firms have already begun the registration process to join the site, with the number of businesses which have completed it in the hundreds, according to PICA chairman and Hargreaves Lansdown head of pension research Tom McPhail (pictured).
"It is in everybody's interests to get as many firms registered at launch as possible," said McPhail. "Although we will be adding new firms and information over time, we want to make a real impact right from the start by showing the number and breadth or services available to help people at a key time in their lives."
The directory will primarily be targeted at people who have small pension pots, such as those with £20,000 or less saved, who are prone to go for the first annuity rate offered by their pension provider without shopping around.
It will contain non-advised solutions in the form of information about annuities, as well as links to the details of IFAs and brokers who offer retirement advice, including how to contact them and how much they charge for their services.
The site will ask consumers whether they want face-to-face advice or telephone assistance, if they want to discuss all of their finances or just their pension pot, or if they only want a list of firms who can provide annuity rates.
McPhail said this filtering of consumers will benefit intermediaries who will be contacted by pre-retirees who specifically want the services they offer.
"The goal is for the Pick-A directory to quickly become the default referral service for all those seeking professional help to shop around for the right retirement income," he said.
The website can be found at www.Pick-A.org from Monday. Advisers can register for the directory HERE.
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