Savers are struggling to navigate the “pensions minefield” and need more support to make well-informed decisions before they retire, according to MPs.
The Work and Pensions Committee has urged that a target should be set of at least 60 per cent for people using Pension Wise or receiving paid-for advice when accessing their pension pots for the first time.
It said UK Government and regulators must “end their timidity” to help savers avoid making poor decisions and in some cases ending up as victims of pensions scams. Pension Wise helps people aged 50 and over to make sense of their options, offering free, impartial guidance.
