Pension schemes 'to go beyond' guidance guarantee minimum

clock

Most pensions schemes plan to offer members more help at retirement than is proposed under the government's guidance guarantee, according to a consultant.

A snapshot survey of more than 300 employers and trustees about the implications of the Budget revealed 62% of schemes will offer additional support beyond the free independent guidance that will be on offer. The guidance is intended to support members of defined contribution (DC) pension schemes ahead of retirement. It was introduced after the Chancellor announced plans to lift restrictions on how DC savers could access their money which had effectively compelled most retirees to buy annuities. Mercer UK DC & savings product leader Roger Breeden said: "Receiving generic guidance p...

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

Autumn Budget 24: Heavily rumoured pension changes fail to emerge

Autumn Budget 24: Heavily rumoured pension changes fail to emerge

Labour chose not to target workplace pensions, despite raising taxes by £40bn

Holly Roach
clock 30 October 2024 • 3 min read
HMRC pays back £44m on overtaxed pension withdrawals

HMRC pays back £44m on overtaxed pension withdrawals

‘Outdated’ PAYE system causing headaches for people accessing pots

Jenna Brown
clock 24 October 2024 • 2 min read
Govt must act on decumulation support to ensure better outcomes

Govt must act on decumulation support to ensure better outcomes

Standard Life sets out three key decumulation policy asks

Jenna Brown
clock 23 October 2024 • 2 min read