ABI Comment on Money & Pensions Service Behavioural Trial Results

Today, the Money and Pensions Service (MaPS) released the results of behavioural trials to explore more effective ways of prompting people who phone their pension provider for retirement information to take Pension Wise guidance. Please see a comment from the Association of British Insurers below.

Commenting Rob Yuille, Assistant Director, Head of Long-term Savings at the Association of British Insurers said:

“The results reinforce the findings in our future-proofing the freedoms report from earlier in the year. Many people access their pension pots without receiving regulated advice or guidance – getting expert help needs to become the norm. These trials show that stronger prompts to guidance can work for some customers, but additional measures are needed, including more support earlier in life, more accessible advice, and a shift in the regulatory boundary so that MaPS and providers can offer more support to customers making retirement decisions.”