Pension Wise

Almost half of the industry believes a flat rate of tax relief would be the best outcome from the government consultation that closed this week, Professional Pensions research finds.

Six in ten people criticised the observation from the Financial Conduct Authority (FCA) that people with more money in their pots would fall victim to pension liberation more often.

Avoiding tax, accessing pension freedoms and the lifetime allowance are the topics which most concern people who contact the Pensions Advisory Service (TPAS).

Three quarters of trustees and pension professionals think the government should scrap its restrictions on how often people can use Pension wise, PP research finds.

The Department for Work and Pensions (DWP) will take responsibility for Pension wise within the financial year, the work and pensions select committee has been told.

Citizens Advice has suggested that over 55s should be able to access face-to-face guidance from Pension wise on more than one occasion.

Lawmakers must clarify what is meant by advice so it can be made more widely available, industry figures have told the work and pensions select committee.

The quality of data collected by Pension wise needs to be improved to see whether freedom and choice is working, the work and pensions committee has heard.

Many employers are failing to help workers make retirement decisions, with three in ten not knowing where employees were getting information on the April pension reforms, according to research.

The Treasury took the lead on the retirement flexibilities introduced in April because they were mostly concerned with removing tax charges, Chancellor George Osborne has said.