For immediate release: Monday 10 October 2016
Commenting on today’s announcement that the government will create a new financial guidance service to provide advice on pensions, managing debts and other money issues NOW: Pensions CEO Morten Nilsson said:
“In many ways it makes sense to have a single guidance service as in real life people’s finances aren’t compartmentalised. But the danger of rolling all guidance into one is that it becomes a” jack of all trades and a master of none” which was part of the problem with the Money Advice Service.
“Pensions are complicated and it’s important that the specialist service offered by organisations such as The Pensions Advisory Service isn’t lost. With the freedom and choice reforms, pension savers have many more options to consider when they come up to retirement and face significant consequences if they make the wrong decision.
“This new guidance body will be paid for by a levy on the financial services industry. While we support funding of these organisations in this way, it’s important that government considers and reviews all levies it imposes to ensure they are fair and proportionate as ultimately these costs are passed onto savers.”
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Notes to editors
NOW: Pensions www.nowpensions.com @nowpensions
NOW: Pensions is one of the UK’s largest workplace pension providers with over a million members and tens of thousands of employers from a wide range of sectors. A subsidiary of one of Europe’s largest pension funds, Danish pension scheme ATP, NOW: Pensions entered the UK market in 2011 with a simple and cost effective workplace pension designed specifically with the auto enrolment market in mind.
NOW: Pensions was one of the first providers to achieve independent assurance of scheme quality in accordance with the master trust assurance framework (AAF02/07) introduced by The Pensions Regulator in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW).