Compulsory advice for people when they reach retirement age has been discussed in a recent ‘Inside Financial Conduct Advice’ podcast by Baroness Sally Greengross, a cross bench member of the House of Lords.
Financial advice on pensions is mandatory for anyone wanting to transfer more than £30,000 from defined benefit schemes but many pension providers also ask that advice is obtained on smaller transfer values too. Sally wants to see the government make it compulsory for everyone to have help and advice when they are ready to access their pension savings.
Sally goes on to explain how important it is to get financial advice and spend your savings wisely. People need to also take into consideration any unexpected costs like care fees when and if you need care in later life. The reality is that many people do not like to think that they may need care when they are older and so ignore an important area of their financial planning. For younger generations, it retirement, care and death seem so far away anyway, but it is surprising how quickly it comes to us all.
We have long campaigned and indeed designed our whole advice system to make financial planning advice accessible to all. In particular, we are now focusing our efforts with the development of our ‘robo’ advice platform to make it easier for younger generations to seek and secure financial guidance on managing money and how important it is to save for the future at a reasonable cost.