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ABI responds to HM Treasury update on Delivering pensions guidance and Pension Wise

HM Treasury has published an update on Delivering pensions guidance, including the name and logo of the new pensions guidance service - Pension Wise.

Commenting on today's announcement, Yvonne Braun, Head of Savings Retirement and Social Care, ABI said:

Yvonne Braun"Today’s announcement adds little of value on what really matters - the content and scope of the guidance. The reforms will only be a success if the Guidance service helps people ask the right questions about their new options, and if it is balanced rather than focused on early access to cash. By now HMT should have provided clarity on the detail of its scope and content, so customers and the industry can be confident that the service will be effective and understand how it will work.
"We welcome the decision about the Pension Wise brand. It is also positive that consumers can now register their interest on the Pension Wise website, and that a public pilot will start next month to ensure the service develops in a way that best meets consumers’ needs. Insurers are working flat out to ensure that the Government's pensions reforms can be implemented successfully and are committed to further improving customers awareness and understanding of their retirement options."

Last updated 01/07/2016