Webb gives clearest hint yet of retirement 'guidance' model

clock

Pensions minister Steve Webb has given the clearest indication yet of the make-up of the government's retirement ‘guidance guarantee', which will include a clear "hand off" to full advice for those who need it.

Product providers, as the most likely first point of contact with retirees, will have a duty to point savers towards organisations such as The Pensions Advisory Service (TPAS) and the Money Advice Service (MAS), who will provide the "guidance moment", Webb suggested. The guidance itself must not refer to the suitability of individual products - there will be no personal recommendation - but should involve such questions as "What is drawdown?", said the pensions minister, in an interview with Professional Adviser. While face-to-face will be an option, these organisations will also be r...

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

IHT pensions changes expected to drive 'strong interest' in annuities

IHT pensions changes expected to drive 'strong interest' in annuities

Though ‘ambiguity’ persists on annuities treatment, retirement planning expert says

Jen Frost
clock 04 November 2024 • 3 min read
Budget end to overseas pensions 'loophole' could cause 'chaos'

Budget end to overseas pensions 'loophole' could cause 'chaos'

OTC applies to more transfers under changes

Jen Frost
clock 31 October 2024 • 2 min read
Pensions tax-free cash untouched – but what about those who acted pre-Budget?

Pensions tax-free cash untouched – but what about those who acted pre-Budget?

No lump sum change should be ‘welcomed’ but damage cannot be undone

Isabel Baxter
clock 31 October 2024 • 5 min read