Pensions - Articles - Pension Wise should be the first step on the advice ladder

 'Pension Wise should be the first step on the advice ladder for anyone approaching retirement and thinking about their options. From April, the new freedoms actually create additional complexity as well as choice. People would be wise to seek professional financial advice before making any decisions about their pensions. My biggest fear is many people won’t seek any sort of advice, either professional or through Pension Wise. In these situations, it is highly likely people will fall back on the well-entrenched existing sales practises which we know don’t provide the best customer outcomes.

  

 ‘We need a second line of defence, where people who don’t seek guidance or advice, are made fully aware of the decisions they are taking. We need to work hard to make these changes a success, but without the appropriate checks and balances in place, it is quite possible many people will receive poorer value from their pensions than now.’