Failure to legislate for default pension guidance 'leaves bitter taste'

Bill nearing final stages

Hannah Godfrey
clock • 2 min read

MPs failed to place legislation into the Financial Guidance and Claims bill that would have made pension guidance default, which Just director Stephen Lowe said left a "bitter taste".

The bill is nearing its final stages in parliament and will merge The Pensions Advisory Service, Pension Wise and the Money Advice Service into one guidance body.  "It leaves a bitter taste that, just a day after the Financial Conduct Authority (FCA) published research showing large numbers of those planning to access pensions are struggling to understand their choices, the legislation is reaching its final stages in the Commons without strengthening the existing guidance framework," said Lowe (pictured). "Treasury minister John Glen last night said the government believe the bill wou...

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