The Government’s flagship safeguard against poor outcomes resulting from the Budget changes is to be called “Pension wise” and will use the slogan “Your money. Your choice”.
The guidance service was announced at last year’s Budget alongside the revolutionary “freedom and choice” reforms, to protect retirees from making the most basic errors.
Citizens Advice will deliver the face-to-face aspect of the guidance, The Pensions Advisory Service will run telephone support and the Treasury is designing a website. Savers have unlimited access to Pension wise. The branding will be used on all parts of the service.
The Pension Schemes Bill, which is currently passing through parliament, will make it a criminal offence for anyone to imitate the official guidance service.
Advisers were set to pay up to a third of the cost of running the service but the FCA has since cut advisers’ share of the levy in half, saying it was unclear how the industry would benefit.
Treasury economic secretary Andrea Leadsom says: “Pension wise will be a first port of call for people with a defined contribution pension who are approaching retirement. It is a distinctive brand, making it easy for consumers to know where to go for help and guidance.”
The Government’s champion for older workers Ros Altmann says: “Until now, there has been no help with the complex decisions people face when they reach pension age and at last, there is an independent source of help to point people in the right direction.
”The service needs to be a strong brand – Pension wise seems a sound choice. It will be important to promote this brand so that people recognise it and have confidence in the quality and value of guidance.”
Anyone with a defined contribution and approaching retirement will be able to register their interest to use a pilot of the service from today.