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Wealth Management News

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30 Jul 2014

Government Announces Plans For Free Retirement Advice

Free, impartial advice about pensions and retirement plans will soon be available to those who have reached or are approaching retirement, reports an article on moneyfacts.co.uk.

The government recently announced that the service, provided by independent organisations such as The Pensions Advisory Service (TPAS) and the Money Advice Service (MAS), will be made available from April next year.

Guidance can be accessed via a range of channels, including online, telephone calls, and face-to-face consultations. The Financial Authority, who have developed the process, also told Money Facts that there will be “no limit to the number of times an individual can use the guidance service as their plans develop in retirement”.

The news comes after a variety of changes affecting pensions were announced in the Budget. As of April 2015, those with defined contribution pension savings will have access to them when they turn 55 – depending on their marginal tax rate. This development will give retirees even greater freedom when it comes to their savings.

With this freedom comes the need for specialised guidance. Sue Lewis, the financial services consumer panel chair, notes that retirement income is a complex issue - therefore people need to be aware of their options, whether they are investing or paying off debts.

It has been suggested that pension-holding insurers must take some responsibility for informing their clients that they can access this free and unbiased service. They must also disclose details about customers´ pension pots to them; including the amount, market value reduction, and any other special features they feel are relevant.

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