Millions of pounds spent setting up and operating Pension Wise, the government-backed guidance service, would have been better spent on a financial advice voucher scheme, Steve Webb has said.
The ex-minister, in post for the entire coalition government, said giving people access to subsidised regulated advice would give them a better understanding that what is accessible through Pension Wise. Webb oversaw the introduction of pensions freedom, the package of reforms announced in the 2014 Budget, which included a Pension Wise guidance session for all retirees. Pension Wise is operated jointly by Citizens Advice, on a face to face basis, and The Pensions Advisory Service over the phone. Speaking at Barnett Waddingham's annual conference, he said: "Given the tens of millio...
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