Pensions - Articles - DWP publish nudge on pensions guidance take up

 Yvonne Braun, Director of Long-Term Savings and Protection at the ABI said: “People now have far more flexibility in retirement thanks to the pension freedoms, but we still have lots to learn about the impact and success of the policy. DWP’s measures to increase the number of people receiving guidance when looking to withdraw from their pensions are welcome but there is more that can be done to tackle the advice and guidance black holes. As recommended in our future-proofing the freedoms report, there needs to be a shift in the regulatory boundary so pension providers can offer more support to customers when they make retirement decisions.

 “We won’t know for years whether the pension freedoms have been successful. The research by NatCen is a helpful contribution to improve our understanding of people’s circumstances and attitudes toward their retirement in light of the freedoms. Industry, government, regulators and stakeholders must continue to work together and tackle issues like not planning for later life retirement and underestimating life expectancy.”