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Vital role for generic advice in workplace

The National Association of Pension Funds says generic financial advice should be delivered through the workplace at an average cost of around £12 per employee per meeting.

In its response to the Thoresen review interim report, the NAPF says the introduction of generic advice in the workplace would be crucial to the success of pension personal accounts.

The NAPF’s retirement planning information service Pensionsforce says group face-to-face meetings are a preferred way of receiving financial information for consumers.

It adds that the workplace is a trusted environment, independent of commercial product providers and people are already engaged to make financial decisions when at work.

Chief executive Joanne Segars says that the advice service will have a vital role to play in delivering a successful outcome for the pension reforms.

She says: “The NAPF’s experience with Pensionsforce shows that generic financial advice delivered through the workplace gets results and is cost-effective. We believe the review underestimates the role the workplace can play.

“Before submitting its final report to the Government, the review should, as a matter of urgency, undertake a thorough examination of workplace generic financial advice, including running a pilot. The workplace is an ideal environment to reach many hard-to-get people and it must be seen as a priority.”

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