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FSA lose credit for omitting key details in trees

The FSA is facing criticism from the industry for continuing to avoid

providing guidance in stakeholder decision trees on the issue of

whether pension credits make it pay to save.

The regulator is proposing that decision trees should be updated and

maintained through an annual cycle of review to keep them in line

with Government policy.

But the proposals are aimed only at updating the factual content of

decision trees and do not look at offering guidance as to whether

pension credits will be bene-ficial to lower-income savers.

Many in the industry say this is a key omission, claiming that

decision trees cannot work as a stand-alone advice tool without

giving individuals more guidance on how pension credits affect them.

Clerical Medical pensions strategy manager Nigel Stammers says: “The

FSA is still sitting on the fence. The Government says it always pays

to save but the reality of pension credits means it does not always

pay to save. The FSA should give clarification on this issue as

decision trees are supposed to give stand-alone advice.”

FSA spokeswoman Jackie Blyth says: “Our proposals are for

consultation. If people think that we are not putting in enough

information on pension credits in decision trees, we are very

interested to find out what we should include.”


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