The government has confirmed that Pension Wise Guidance will not cover guidance on the Lifetime ISA or auto-enrolment (Pension Wise Guidance).
Julian Knight, Tory MP for Solihull, asked what plans the Secretary for Work and Pensions had to extend the guidance service to people aged between 20 and 40 and between 40 and 50, along with questioning its coverage of Lifetime ISA and auto-enrolment.
In response, Justin Tomlinson, Tory MP for North Swindon and Parliamentary Under-Secretary of State for Work and Pensions, said: “Pensions Wise does not give specific advice on products or provider recommendations.
“There are currently no plans for Pension Wise does not give specific advice on products or provider recommendations.
He pointed out that in the 2015 summer Budget, the age for eligibility was lowered to 50, and said: “ Pension Wise has developed new content for 50-54 year olds to make the guidance appointments more relevant to their needs, and this is now live, “he said.
“The government plans to restructure the delivery of public financial guidance to ensure that all consumers can assess the help they need when they need it.”
In March this year, Pension Wise Appointments reached a record high, according to data published by the government. The number of appointments in March reached 7,010 compared with 5,916 over February, according to the monthly data. Before March, the last recorded high was in October last year when there were a total of 6,755 appointments in the month.
(FTadviser, May, 2016)
Pension Wise Guidance
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