Pension Wise

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 government is set to make the guidance guarantee service Pension wise available to all over-50s, documents from the summer Budget showed.

The industry must ensure the difference between guidance and advice is spelled if the public are to benefit fully from retirement flexibilities, warns the Money Advice Service (MAS).

Affluent investors are not using Pension wise says Suffolk Life.

PP looks at the risks in giving members guidance and what trustees can do to avoid them

Lay people will struggle to use Pension wise without having additional support according to Aon Hewitt client relationship manager David Pharo.

The insurance industry was bombarded by almost 230,000 calls from consumers in the days after the ‘freedom and choice' reforms took effect, the latest figures show.

The UK Independence Party (UKIP) would double the budget set aside for Pension wise this year from £30m to £60m if it wins the general election on 7 May.

Citizens Advice Bureau (CAB) has warned pensioners are twice as likely to be targeted by fraudsters after it received over 5,000 calls last year.

DC governance will need to evolve rapidly in the coming months if it is to remain fit for purpose according to Girish Menezes.