Altmann says advisers must explain state pension

Financial advisers have a critical role to play in explaining the new state pension to clients, the pensions minister has said.

Baroness Altmann was addressing the PFS financial planning symposium in London through a video link.

She said: “The importance of explaining the new state pension, helping people understand that there will be a base on which to build private savings, is an important job for me and for you.

“There are three major themes that I am using to guide the policy decisions I am considering: communication, simplification and incentivisation.

“People think and talk about pensions with too much jargon and complexity and a lot of people find that confusing and you can help them understand it better.”