DWP and FCA pension guidance could be 'confusing and costly'

Two separate consultations

clock • 3 min read

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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