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Which? tells Treasury to ‘pull its finger out’ on pension guidance regime

Which? executive director Richard Lloyd says the Treasury needs to “pull its finger out” and publish details of how the guidance guarantee will work.

Speaking at a fringe event at the Liberal Democrat conference in Glasgow today, Lloyd said the Treasury was leaving it late as the system will be launching within months.

All over 55s will have the right to “free, impartial, face-to-face” guidance from next April as part of Chancellor George Osborne’s radical pension reforms.

Lloyd, who advised ex-Prime Minister Gordon Brown from 2007 to 2010, said: “The Treasury needs to pull its finger out and work out who is going to provide guidance and how, and put standards in place.

“It’s getting a bit late in the day for the details to be published and all the agencies involved need to be ready. It’s becoming a bit of a problem to say the least and the Treasury needs to speed up its decision making on how the guidance guarantee will be delivered.”

The Money Advice Service and The Pensions Advisory Service have been given responsibility for delivering guidance.

The FCA consultation on the framework of the guidance regime closed last week and the Treasury says the details will be published “shortly”.

At the Labour conference, shadow pensions minister Gregg McClymont called for more details to be published soon.


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Interesting, please tell me how you agree any guidance when the rules at this time seem to be changing daily. We as an industry are not likely to gain the actual rules until late February 2015. Then will be expected to implement in less then two months.

    What is far worse is that each political party is stating that if they have power they will change it all , whilst angling for votes to gain power.

    Pensions need to have certainty, consistency and clarity. Whilst I welcome the current changes I really cannot advise clients of the future pensions regulations, as there is massive uncertainty, which depends on who is in power.

    It seems to me pensions have become the new political football.

  2. Isn’t the main issue here the FSA/FCA’s failure (refusal) to mandate OM as the default option for everyone whose pension funds are approaching their vesting date/s?

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