Stephen Lowe: When will the penny drop on default pension guidance?

When will the penny drop? Every month thousands of pension savers go it alone when making complex financial decisions that research suggests most do not fully understand. Yet Parliament has spurned its chance to shepherd them towards the support they need. That leaves us in limbo. Despite a pressing need to create a new social norm of taking guidance or advice before taking pension cash, the Financial Guidance and Claims Act, which last week received Royal Assent, does not have the legal teeth to encourage higher take-up. Neither has the government sent a strong enough signal that it ...