13 February 2025
Sacker & Partners LLP (Sackers), the UK’s leading specialist law firm for pensions and retirement savings, today have provided their response on the advice guidance boundary review.
Jacqui Reid, Partner at Sackers commented: ” The targeted support proposals are a very welcome and positive step towards improving support for DC pension scheme members at key junctures in their savings journeys. The pensions industry has a mountain to climb when it comes to ensuring adequacy for DC members in retirement. Consumers therefore need greater access to more tailored pension support which does not require them to pay for advice to help them to make informed decisions about whether they are saving enough for and during their retirement. While these proposals are not intended to apply to trustees of occupational pension schemes directly, we understand that the FCA is working closely with the DWP and TPR with the aim of either extending them to trustees or providing something similar in the trust space. However this is done, it will be imperative that trustees remain able to support their members with pensions guidance, without straying into the sphere of regulated advice. Parameters will need to be carefully and clearly drawn as grey areas can encourage a risk-averse approach which, ultimately, constrains the help provided to consumers.”
You can read their full response here:
Advice Guidance Boundary Review – proposed targeted support reforms for Pensions
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