MPs launch pensions freedom advice and guidance inquiry

Jenna Towler
clock • 2 min read

Members of the work and pensions select committee are to launch an inquiry into advice and guidance available to retirees following pensions freedom to ensure people are not "ripped off" when accessing their pots.

The reforms, which came into effect in April, give defined contribution savers unfettered access to their pension pots from the age of 55. It removed the effective need to buy an annuity and opened income drawdown to people with smaller pots. As part of the reforms the government introduced a free, impartial guidance service - Pension Wise - to help people navigate their options. The work and pensions select committee wants to hear evidence on the take-up, suitability, affordability and independence of the advice, guidance and information available to those approaching retirement. ...

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

New pensions minister: Advisers cautiously welcome 'radical thinker' Torsten Bell

New pensions minister: Advisers cautiously welcome 'radical thinker' Torsten Bell

Former CEO of Resolution Foundation takes over pensions minister brief

Jenna Brown and Isabel Baxter
clock 15 January 2025 • 7 min read
Retirement confidence: Why are women still lagging behind?

Retirement confidence: Why are women still lagging behind?

'If we don't do better, the gender pensions gap won't be closing any time soon'

Laura Barnes
clock 14 January 2025 • 4 min read
Administrators reach sale deal for PSG's Unity SIPP

Administrators reach sale deal for PSG's Unity SIPP

Scheme operated around 5,500 SIPPs

Jen Frost
clock 10 January 2025 • 2 min read