Advisers skip state contracting in or out advice

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Financial advisers are proving unwilling to give advice on whether or not to remain contracted into the state second pension, says The Pensions Advisory Service (TPAS).

The service's annual report reveals an increase in the number of callers on its helpline requesting advice on whether to stay in or leave the state system. TPAS says the bulk of the calls are the result of providers urging those who are contracted-out to review their decision, but consumners have found it difficult to locate any providers who will issue them with definitive advice on the correct option. Malcolm McLean, chief executive at TPAS, says: “We are particularly disappointed that where the original decision to opt out was taken on the recommendation of a financial adviser there ...

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