MPs launch pensions freedom advice and guidance inquiry

Jenna Towler

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. ...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Regulation

Steven Levin of Quilter Investors

For the sake of future generations pensions must be invested correctly

Important wealth managers and financial advisers talk to clients

Steven Levin
clock 27 January 2022 • 4 min read
FCA report shows there are 184 individuals and firms under investigation for carrying out unauthorised business

Whistleblowers make 2,754 separate allegations of financial misconduct to FCA

Around £190m in financial penalties had been handed out

Pedro Gonçalves
clock 12 August 2021 • 2 min read
Dolfin Financial applied to enter special administration

Wealth manager Dolfin Financial collapses after FCA probe

Smith & Williamson appointed as special administrator

Pedro Gonçalves
clock 02 July 2021 • 1 min read