Pensions - Articles - Expansion of Pension Wise, comment from Aegon

 “Aegon believes any expansion of the role of Pension Wise needs to be considered carefully alongside the role provider’s play in supporting customers on their retirement journey. There have been numerous suggestions around additional roles for Pension Wise including supporting those with guaranteed annuity rates, guiding individuals considering assigning their annuities and now extending access to those below age 55.

 “We agree individuals should be considering their retirement options many years before they plan to draw an income. This should include identifying their aspirations, assessing if they are paying in enough and also reviewing investment choices, bearing in mind their expected retirement age and the likelihood of purchasing an annuity, using drawdown and / or taking a cash lump sum.

 “These considerations at younger ages are very different to those of someone about to draw an income. If Pension Wise were to be open to those at younger ages, it would need to tailor its guidance accordingly. At this early stage of the pension freedoms, we believe the focus should remain on the original remit and any extension should be considered after reviewing the effectiveness of other forms of support, including from providers.”