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Retirement advice should be independent

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Retirement income specialist MGM Advantage has commissioned research by YouGov which reveals 83% of over 55s think a guidance service should be independent of pension providers and impartial.

The over 55s were also surveyed regarding who they would trust to provide them with advice on the pension options available to them upon retirement, with the Citizens Advice Bureau and The Pensions Advisory Service (TPAS) considered the most reliable.

Professional financial advisers (23%) were the next most trusted, with 21% trusting a potential new government agency set up for the specific purpose of offering such advice.

Fewer than one in eight (12%) indicated that they would trust their existing pension provider to offer them impartial advice.

MGM Advantage has also found that the attitudes of those nearing retirement are echoed by those of all ages.

Pensions Technical Director Andrew Tully said that trust would be vital in making the new free, impartial advice for those approaching retirement to work.

Tully went on to say that research indicated the overwhelming majority of people across all age groups believe that the service should be provided independent of pension providers and should offer impartial advice.

He added that, whilst guidance can help people to understand options, it was crucial that individuals could receive advice from financial advisers when necessary.

The Pensions Advisory Service’s Chief Executive Michelle Cracknell said that the guidance service being created as part of the Budget was an opportunity to win hearts and minds so that people become more engaged in planning for their retirement.

She added that an independent organisation such as TPAS could help people struggling with retirement decisions, acting as a bridge between people receiving information from their providers and the next steps necessary, possibly including a financial adviser.

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