Pressure swells against providers delivering guidance guarantee

Consumer group Which? has struck the latest blow against pensions providers wishing to deliver the guidance guarantee unveiled in this year’s Budget.

A survey by the consumer group found 65 per cent of people think advice given by pension providers would be biased; this increased to 76 per cent for those aged between 55 and 64.

Another survey by Which? found that while seven in 10 respondents said people should be able to do what they like with their pension savings, 76 per cent said they would need advice about what to do with that pension when they retire.

The Association of British Insurers had dealt a blow to some providers' ambitions with reported comments that providers should not deliver guidance until there is greater clarity on it.

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