Mandated changes to retirement wake-up packs introduced a year ago have so far failed to result in more retirees taking free guidance, according to provider Just Group.
Group communications director Stephen Lowe said analysis of Financial Conduct Authority (FCA) retirement income market data figures shows that both the number and proportion of people using the free, impartial and independent guidance service, Pension Wise, or regulated advice when taking pension cash has actually fallen since the ‘wake-up' pack overhaul last November. He pointed to FCA figures which showed in the six months between October 2019 and March 2020 the numbers using Pension Wise fell by 1% to 45,933 compared to October 2018 to March 2019, despite a 1% rise in the number acces...
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