Dales could benefit from pension advice

Dales residents nearing retirement age could benefit from guidance in accessing their pensions if Government legislation is given the go-ahead.

Thursday, 18th January 2018, 5:25 pm
Updated Thursday, 18th January 2018, 5:30 pm
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Financial services firm Just Group claims 12,030 Derbyshire Dales people are aged 55 to 64 years old - more than 15 per cent of the population - placing it in the top ten constituencies in the country for pension-age residents.

The Financial Guidance Bill, which was due to be debated in Parliament on Monday, has been designed to make free and impartial pensions guidance a ‘social norm’ for savers accessing their pension pots.

Stephen Lowe, of Just Group, said: “The Financial Guidance Bill going through Parliament could help resolve a glaring omission from the Pension Freedoms policy – ‘what to do about those not getting advice or help?’.

“The bill’s proposal to automatically enrol everyone into free impartial guidance will equip people to make better informed decisions and help to prevent people from being scammed, paralysed by choice or simply following the path of least resistance into uncompetitive and perhaps ill-suited products.”

According to Just Group 4,500 55-64 year olds in the Dales find pensions difficult to understand, while 3,000 lack confidence when making decisions about their pension.

Stephen added: “Encouraging people to spend a little bit of time speaking to an impartial and independent guide will help savers understand their options and draw their attention to the risks they face, such as scams and the risk of paying too much tax.

“For the many thousands of people in Derbyshire Dales who are likely to make decisions in the near future about what to do with their pension savings, automatic enrolment into pension guidance could be a game changer.”