MPs Vote Against Compulsory Pension Guidance At Age 50

A debate was held in Parliament this week to discuss specific amendments to the Pension Scheme Bill along with other proposed changes.

One proposal by a Labour MP to automatically book 'Pension Wise' free guidance appointments for consumers from the age of 50 was voted against by MPs.

The amendment was proposed by former Pensions Minister and now Work and Pensions Select Committee Chairman, Stephen Timms MP.  It received cross party support from SNP MP Neil Gray and Conservative MP Nigel Mills.

All parties agreed that Pension Wise is a valuable guidance service and the government should make it policy, so more consumers use the service but the amendment was defeated.

Comment

There are thousands of financial advisers that already offer free consultations and whilst Pension Wise is paid for by the financial services industry by levy, it would appear severe to a) force people to talk to Pension Wise and b) Expect financial advisers to fund the costs of the additional service when they already offer free consultations.

You can seek seek a free pension guidance consulation:

• From us - book a callback
• Visit Pension Wise