Pensioners to receive independent 'impartial' guidance

Savers will receive free independent guidance as part of a move to give unfettered access to their pension funds from next year, the government said.

The Government's response to the consultation, published today, confirmed that the Government will continue to allow individuals to transfer from private sector defined benefit schemes to defined contribution pension schemes.

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'Impartial' pensions guidance 'a real game-changer'

Millions of people will get free, impartial advice on how to make the most of their retirement savings under George Osborne's radical shake-up of the pension system. Pensions expert Ros Altmann, the Government's older workers' business champion, said:

The decision that guidance must be impartial and separate from the industry is a real game-changer and will help equip people to make the right decisions for them.

The challenge is now firmly with the industry to develop the products that people need, rather than simply the products they wish to sell.

– Ros Altmann, Pensions expert

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