Pensions minister, Baroness Ros Altmann wants Pension Wise to offer guidance to people as soon as they are old enough to be auto-enrolled into a pension (Pensions Advice).
Ms Altmann said pension Wise had brought down the minimum age of guidance from 55 to 50 and she would now like to see the government-run advisory service offer financial planning and information to all those playing into a company pensions.
Her comments echo Royal London’s call for those aged under 40 to have access to impartial guidance before making choices about workplace pensions and Lifetime ISAs.
In a submission to the House of Commons Work and Pensions Select Committee in April this year, the provider lobbied for moves to ensure auto-enrolment into workplace pensions was not undermined by the Lifetime ISA.
Current pension legislation requires that all employers are auto-enrolled from the age of 22.
Baroness Altman said: “As soon as someone is put in a pension, I would love to see them get good information, guidance, maybe some applications, maybe some “gamifications”, to help you understand what investment is about what planning your lifetime finances is about”.
She added that young people should be encouraged to check their pension regularly.
“I don’t mean every day, I mean every year, every two years, every three years. Just make sure that you are putting (in) as much as is right for you”, she said.
(FTadviser, April, 2016)
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