The governmentis to guarantee free face-to-face advice for all employees that retire in defined contribution (DC) pension schemes from April 2015.
Chancellor George Osborne announced in the 2014 Budget that everyone who retires in a DC pension will be offered free, impartial, face-to-face advice on their choices at the point of retirement.
The government will provide £20 million over the next two years to develop the initiative.
A new duty on pension providers and trust-based pension schemes will be introduced, which means they must offer this ‘guidance guarantee’.
Providers and trust-based schemes will also be required to ensure the guidance follows a set of robust standards.
These will focus on helping DC members to:
- Understand the choices available to them at retirement.
- Engage with products and providers confidently.
- Access professional independent financial advice.
The government will ask the Financial Conduct Authority to coordinate the development of these standards and explore the extent to which regulated advice can be made more affordable.
It has opened its Freedom and choice in pensions consultation to obtain views on the way to implement this guidance. This will close on 11 June 2014.
Darren Philp, head of policy at The People’s Pension, said: “This is much needed. The government’s current policy of defaulting people into pensions and then leaving them in the lurch when it comes to their retirement was no longer fit for purpose.
“We’ll need to study the detail of what the government is proposing and how this will be paid for, but anything we can do to help people get better retirement outcomes is well worth exploring.”
Paul Macro, partner in the DC and savings team at Mercer, added: “We welcome the ‘right-to-advice’ initiative but it needs to be sustainable and genuinely available to all retirees both at the point of retirement and beyond.”
There is a recognised problem with the lack of financial literacy in the UK and there is a distinct lack of detail in this announcement on how the government will ensure people have access to good impartial advice so they make the right decisions about their income for retirement.
There are many unanswered questions – not least how a free impartial guidance service will be established within 12 months. Additionally, the effect on defined benefit schemes will need to be tested as the cost and funding implications for these schemes could be significant.
The Budget announcements around DC flexibility are radical and will generally be welcomed. Giving pension scheme members increased choice around their retirement provision ought to be a good thing. It will be interesting to see to what extent employers and trustees look to embrace the changes.
Given the availability from next April for members to withdraw all of their pension pot without purchasing an annuity, personal finance education is now more important than ever. Resources must be made available to ensure that those approaching retirement fully understand their options and the implications of the choices they make.
Supporting these decisions with advice is a key part of what has been outlined, but that throws up major questions around how that advice can be delivered – face to face, via electronic means, etc. Who is going to supply it, how will it be funded and how is the government differentiating between ‘guidance’ and ‘advice’?
That guidance should not start at retirement, but long before when members select how to de-risk in the run up to retirement. If drawdown is selected, the need for advice won’t stop at retirement and access to ongoing reviews and to good quality annuity advice at some future point will be important.
What does seem certain is that product proliferation is almost inevitable. While it should be welcomed for the flexibility it will bring, it could also lead to a considerable confusion.
Increased flexibility in how savers plan for their retirement is great news. However, with greater flexibility comes greater responsibility. While we welcome the news that retirees will receive face-to-face, impartial advice at the point of retirement, it is vital that savers have access to good financial education and information throughout their working lives. Employers and plan sponsors will need to think carefully about how they meet this challenge.
It has been obvious for many years that retirees often make poor and ill-informed choices at retirement. At-retirement guidance is too late, however, in my view as many people will simply not have built up a sufficient pension pot to avoid a large drop in their standard of living in retirement. We need to introduce guidance and education periodically during the preceding 20 years to help savers make informed choices about what they actually need to save to build a decent retirement pot – and then they can make the most of the new flexibility on offer.
Greater flexibility to decide how to take income from pension is fantastic news for savers, but without the right financial education and advice it could leave them incredibly vulnerable to making poor decisions. We’ve educated tens of thousands of employees via workplace seminars over the years and it’s clear that employees have a worrying lack of understanding about what their options are, and what’s right for them when it comes to retirement. Given this lack of knowledge, the right, informed and impartial advice is crucial if these reforms are to be effective.
Giving individuals power over the biggest financial decision of their lives is great, but with it comes a huge burden of responsibility. Financial education, and the right advice, has never been more important. It could be the difference between a comfortable retirement – and a potentially very difficult one.
Will the £20m being made available for guidance at retirement cover all options when someone is retiring? Financial advisers in this market know that a full review of someone’s circumstances is required to give detailed help at retirement. You cannot just look at a pension pot in isolation. We will watch with interest how this shapes up following the consultation. Let’s hope it works well as intended.
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