The Pensions Income Choice Association has launched a free directory of retirement advisers and brokers as part of an effort to encourage savers to shop around.
The new ‘Pick-A’ directory, which opened to registration from advisers this week, is designed to provide a “shop window” for regulated retirement specialists to promote their services to savers across the UK.
People who use the service will be asked to input their age, fund value and postcode. They will then be given an estimate of their potential retirement income and told they could get more if they have medical problems.
Users will then be able to choose from a complete financial planning service, help focused purely on their pension or a list of annuity rates. The directory will generate a list of advisers and brokers who can provide these services and their charges.
In order to be listed on the directory advisers must be FCA authorised and able to provide annuity rates from at least 75 per cent of the market.
Hargreaves Lansdown head of pensions research and Pica chairman Tom McPhail says: “This directory will help pension investors to find the right help at the right price.”
Annuity Direct chairman Alan Higham says Pica needs to strengthen the minimum standards advisers and brokers must meet to be listed on the directory.
He says: “This is similar to quality standards for auto-enrolment – we need to get really high standards hard-wired before we start promoting this directory to the wider public.”