Government and regulators must finish the job they started with pensions freedom by providing better decumulation support for defined contribution (DC) savers, Standard Life has said.
The provider's report Avoid Sleepwalking into Retirement said current barriers in both the lack of decision-making support and suitable income solutions offered to people when they come to access their pensions must be addressed. It made three key policy requests to help ensure better outcomes. The report suggested providers should be allowed to "help our customers better". It said: "We would like the Financial Conduct Authority (FCA) to follow through with plans to create new forms of advice, and targeted support to make it more accessible." Secondly, the report added the Departm...
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