TPAS: Complex guidance requests focus on multiple small pots

TPAS says smaller pots make up bulk of guidance requests

clock • 1 min read

The average pot size of members contacting The Pensions Advisory Service (TPAS) for guidance since freedom and choice came into force is between £45,000 and £48,000.

Speaking at a Pensions Management Institute seminar on administration, TPAS head of information and guidance Charlotte Jackson revealed many of these people had a defined benefit (DB) legacy scheme to underpin their defined contribution (DC) pension. People seeking guidance typically had two DC pots, some with a DB back-up, delegates heard.   Jackson said: "Peoples' lives are really complicated. Linking one product to another will be key to delivering good member outcomes. The last year has told us how people are different." The picture of the past year was "complex" and it was a c...

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