The Financial Conduct Authority's (FCA's) reformed pension wake-up packs coming into effect this week are "still not enough" for most savers, according to education provider Wealth at Work.
Wake-up packs are currently sent to members around six months prior to their expected retirement date and tend to be lengthy documents. From Friday (1 November) the revamped packs will aim to encourage people to take an interest in their pension earlier and set more money aside for retirement if necessary. However, Wealth at Work director Jonathan Watts-Lay said that "hundreds of thousands do not understand how to manage retirement income", noting the simplified packs are "still not enough" and early financial education would be much more beneficial. "Financial education and guidan...
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