Occupational pensions schemes will be required to direct savers to take guidance on pension withdrawals under new provisions to boost engagement.
In a policy statement released on Wednesday (28 October) the government outlined its findings and conclusions from its test of scheme members' take-up of free Pension Wise guidance. A three-arm randomised controlled trial (RCT) was conducted over 19 weeks between October 2019 and February 2020 on a representative sample of 4,135 defined contribution pension holders who called participating pension providers Aviva, Hargreaves Lansdown, and Legal & General within the trial period to ask about pot access. The research looked to shed more light on why free guidance up-take is low, and fou...
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