Stephen Lowe: Why we need to see a trial for automatic Pension Wise guidance

Government should commission a trial

clock • 4 min read

MPs on the Work and Pensions Select Committee (WPC) have thrown their weight behind calls for trials of automatic appointments to pension guidance and, like many in the industry, writes Stephen Lowe, I hope the government listens and acts decisively to support the recommendations...

WPC chairman Stephen Timms did not mince his words recently when discussing 'nudges' recently: "Without intervention to drive up dramatically the numbers receiving advice and guidance, savers will make poor decisions - and, in far too many cases, become scam victims - and the pension freedoms, far from living up to their name, will instead trap people in an increasingly confusing web of complexity." The free, impartial and independent guidance offered by Pension Wise was a key consumer protection measure introduced as part of the 2015 reforms. It recognised that if you are going to ask p...

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