Lydia Fearn, Head of DC Investment Consulting at Barclays Corporate & Employer Solutions said:
“We welcome increased flexibility in how individuals can plan for and access their pension savings, however, greater flexibility and more choice can lead to increased uncertainty. Whilst it is encouraging that everyone will have access to guidance close to retirement from independent bodies to help them make confident and informed decisions about their retirement income, it should also be recognised that an individual could spend 30 to 40 years in the workplace without guidance on later life planning at all.
“We believe it is vital that people have access to good financial information and guidance throughout their working lives, as well as at the point of retirement. Employers, trustees and plan sponsors need to think carefully about how they meet this challenge and fully support the financial well-being of their employees and plan members throughout their working lives.”