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The Government has also revealed that The Pensions Advisory Service and Money Advice Service will be charged with providing free, impartial guidance to every pension saver at retirement.
It has backed down from its initial pledge to give people access to ‘face to face’ guidance, now saying that it can also be provided on the phone or online.
GUIDANCE GIVEN TO MILLIONS WON’T COME FROM INSURERS
Much of the debate about the pension reforms centered on the Government’s ‘guidance guarantee’ and who would provide it.
Not-for-profits TPAS and MAS have been named as the preferred providers, though they will also be supported by Citizen’s Advice and Age UK.
Despite expressing a wish to be involved in the guidance process, the insurance industry will not play an active role, after concerns were raised that many had failed miserably in ensuring customers made the most of their pensions under the current system.
Questions have been raised if the TPAS and MAS will have the resources to cope with the demand as more than 400,000 each year reach retirement age, and said savers will be faced with complex choices at retirement.
A spokesman said ‘The Treasury has very sensibly opted for a demonstrably impartial solution, looking to the likes of MAS and TPAS rather than pension providers to deliver the guidance. However, will these utility services have sufficient capacity to deliver the guidance to the hundreds of thousands who will ask for it?
‘Also, the Treasury is opening the door for further product design: more flexible annuities which allow longer guarantees and one-off payments; and other complex products with intricate guarantees. It will become increasingly difficult for ordinary investors to discern whether they are actually getting a good product or not.
‘In many cases it will be unsophisticated investors with relatively small pots of perhaps only a few thousand or tens of thousands of pounds. The guidance guarantee will not help them here as it will not provide specific product advice, and paying for an independent financial adviser may be too expensive to justify.
There will therefore be a huge job for the FCA to do in policing these new products, and the sales processes around them, to ensure that investors are sold competitively priced and appropriate products. Without this regulatory scrutiny, these pension freedoms could be nothing more than a misselling charter.’
The insurance industry will not be actively involved in providing guidance to its pension customers, after concerns were expressed they would use the system to sell their own products to savers

New pensioners to get Independent Guidance

Analysts have cast some doubt over the nature of the guidance on offer. The nature of the guidance provided is likely to be superficial and not provide an in-depth guide on what to do next!

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