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Bee accuses Govt of ‘unjustifiable’ attacks on advisers

Pension guru Steve Bee has attacked the Government for criticising advisers while failing to provide the public with information about the simplified pension regime.

Scottish Life’s head of pensions strategy says there is still no simple literature available from Government departments which clearly explains the opportunities offered by A-Day, especially in complex areas such as annuity purchase and income drawdown.

Bee says this lack of clarity makes the Government’s criticism of advisers even more unjustifiable.

In July, Treasury economic secretary Ed Balls told a closed meeting of industry officials and MPs that he was surprised to find so many advisers still existed on his return to the Treasury in May and questioned the standard of financial literacy among advisers.

Bee says: “We hear the Government saying we do not need advisers any more but where are the documents available to the general public that do not require advisers to explain them?

“Also, where is the evidence that we are living in a simplified regime?”

The Revenue and Department for Work and Pensions were unavailable for comment.

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