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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Preparing for 2029: Adapting to the Budget's salary sacrifice cap

Preparing for 2029: Adapting to the Budget's salary sacrifice cap

'While this policy alters the landscape, it arguably represents an adjustment rather than a fundamental reform'

Steve Charlton
clock 22 December 2025 • 3 min read
Utmost to sell life and pensions business to JAB Insurance

Utmost to sell life and pensions business to JAB Insurance

To focus on wealth solutions business

Jen Frost
clock 22 December 2025 • 2 min read
Editor's view: How disjointed is the government's salary sacrifice change?

Editor's view: How disjointed is the government's salary sacrifice change?

The editor's Friday Night Takeaway from 19 December

Jen Frost
clock 19 December 2025 • 3 min read