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Experts warn people need more pension support before they retire to help make best money decisions

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dailyrecord.co.uk

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. The committee said: “We recommend that the [UK] Government sets a goal for the Money and Pensions Service for the combined use of Pension Wise and paid-for advice when accessing pension pots for the first time. “This goal should be at least 60 per cent and expressed in terms of individuals rather than pots.

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