MPs launch pensions freedom advice and guidance inquiry

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 reforms, which came into effect in April, give defined contribution savers unfettered access to their pension pots from the age of 55. It removed the effective need to buy an annuity and opened income drawdown to people with smaller pots. As part of the reforms the government introduced a free, impartial guidance service - Pension Wise - to help people navigate their options. The work and pensions select committee wants to hear evidence on the take-up, suitability, affordability and independence of the advice, guidance and information available to those approaching retirement. ...