At the National Association of Pension Funds annual conference today (15 October), a Pension Wise director has revealed plans to revamp the guidance sessions.
When asked where do we go next with guidance, Jamey Johnson, deputy director of Pension Wise, said it was quite a “restrictive session” that had been built for the launch of pension freedoms back in April.
He said it was now quite clear that the “one size fits all approach” to guidance that was initially offered through Pension Wise “does not suit everybody.”
Pension trustees and fund managers gathered in Manchester this afternoon (15 October) were told the sessions will change in terms of their length and format so that guidance would be delivered “in a more personalised way and that may result in more than one meeting.”
Mr Johnson said consumers approaching Pension Wise were now likely to have multiple appointments.
He also added further changes to the way Pension Wise offers guidance were on the cards as the guidance service “will need to adjust the way we engage with customers for the annuity re-sale market.”
Mr Johnson said Pension Wise did want to reach more customers but argued the service was “getting there.”
Talk of changes to the way Pension Wise sessions are run come a month after the Financial Conduct Authority stated it may consider using financial advisers to review Pension Wise in the future.
David Geale, the FCA’s director of policy, told a group of MPs: “We have not used IFAs to do a blind test”, stating that there is currently no “cause for concern” about Pension Wise.
“We have not used IFAs to review outcomes but that is not something we would [usually] do.”
Also last month HM Treasury confirmed it was ceasing its oversight of Pension Wise.
Before the end of this financial year the service will transfer to the Department for Work and Pensions (DWP).
Earlier in the day at the NAPF conference, Lesley Titcomb, chief executive of The Pensions Regulator, addressing speculation about the possibility of a merger between her organisation and the Financial Conduct Authority.
Ms Titcomb said a “crashing together” of the two regulators would not solve problems with two sets of law for trust and contract-based pension schemes.
Former Foreign Secretary William Hague also addressed the conference and said central banks are “pulling levers which don’t work any more”.
