Pension schemes 'to go beyond' guidance guarantee minimum

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Most pensions schemes plan to offer members more help at retirement than is proposed under the government's guidance guarantee, according to a consultant.

A snapshot survey of more than 300 employers and trustees about the implications of the Budget revealed 62% of schemes will offer additional support beyond the free independent guidance that will be on offer. The guidance is intended to support members of defined contribution (DC) pension schemes ahead of retirement. It was introduced after the Chancellor announced plans to lift restrictions on how DC savers could access their money which had effectively compelled most retirees to buy annuities. Mercer UK DC & savings product leader Roger Breeden said: "Receiving generic guidance p...

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