The Pensions Income Choice Association has launched a free-to-use 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 intermediaries on Tuesday, 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.
At this point the user will be able to choose from three options – a complete financial planning service, help focused purely on their pension or a list of annuity rates. The directory will then generate a list of advisers and brokers who can provide these services and the price they charge.
In order to be listed on the directory intermediaries 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: “Without someone to help them shop around for the right type of retirement income and to search the market for the best rate it is virtually impossible for pension investors to get a good deal from their retirement savings.
“This directory will help them to find the right help at the right price.”
Informed Choice managing director Martin Bamford says: “This is a great initiative by Pica and we will be signing up to the directory. It is essential that people are able to access help when they reach retirement.”
Advisers can register to be listed on the directory for free here.