The Chartered Insurance Institute (CII) has published new new research summarising consumer views towards the Government's guaranteed guidance (GG) proposals for retirement. The research was targeted at people expected to use the service and reports on over 1000 consumer views. Michelle Cracknell Chief Executive of The Pensions Advisory Service responded saying, “this is a really useful piece of research that reflects our experience running a helpline service to members of the public on all things pensions. We have countless examples of the life changing impact high quality guidance can have on people’s lives. We believe that it is essential that the guidance is delivered by specialists that have the experience and knowledge to respond to how people feel about this subject and get them to engage. Once we talk to people about their lives and their priorities, our experience is that we can get people to feel more engaged and confident about what they need to do next. This experience chimes with CII’s research findings about the need to make the conversation relevant and interactive”.
To see the full CII research report please click here .
Consultation on governance and charges in occupational pension schemes
21 October 2014
The Department for Work and Pensions (DWP) has launched a consultation on draft regulations about governance and charges in occupational pension schemes.
DWP says that the paper builds on the March 2014 Command Paper Better workplace pensions: Further measures for savers, by publishing the Government’s response to an earlier consultation on minimum governance standards and transparency in occupational pension schemes and provides more detail on measures to protect savers, in qualifying workplace pension schemes, from high charges. The paper also launches a consultation on draft regulations on governance and charges in occupational pension schemes, which closes on 14 November 2014. Once stakeholder comments and views have been considered, the Government intends to lay regulations in Parliament for its approval early in the New Year. DWP continue to work closely with the Financial Conduct Authority who recently concluded a consultation on rules to introduce Independent Governance Committees from April 2015 and will be shortly consulting on equivalent rules relating to charges in workplace personal pension schemes.
Pensions guidance providers confirmed
21 October 2014
The Chancellor has confirmed that the Citizens Advice Bureau (CAB) will provide the promised expert face to face independent guidance on pensions, and telephone guidance will be provided by the Pensions Advisory Service (TPAS). In July the government said savers would receive free independent guidance from the Money Advice Service (MAS) and TPAS when given unfettered access to their pension pots from next year. But MAS's role will now apparently be limited to acting behind the scenes, with some MAS staff being seconded into the Treasury to help build the online part of the service
The Treasury announcement says:
CIPP Policy News Journal
08/04/2015, Page 398 of 521
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