Aegon has warned that differences in the pension guidance proposals from the DWP and FCA will cause customer confusion and additional cost for providers, while others are keen to see a greater emphasis placed on the benefit of professional financial advice.
The DWP is consulting on the introduction of stronger pension guidance for the members of trust-based schemes following obligations that came from Government legislation. Last month, the FCA closed its consultation with members of contract-based pensions on the same topic. However, Aegon has highlighted that despite being the same topic and presenting an ideal opportunity for a joined-up approach, both proposals differ significantly. Pensions director at Aegon, Steven Cameron, said: "For those planning to access their pension flexibly without advice, a stronger nudge towards pensions...
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