For advisers, George Osborne will forever be associated with introducing pension freedoms

Dan Jones

In the meantime, though, there is one conclusion we can draw from the experiences so far. It relates to Pension Wise and its forthcoming successor, which will merge that body with the Pensions Advisory Service. Take-up of the guidance services offered by Pension Wise has been relatively low. The way in which the replacement body is funded has yet to be confirmed, but advisers will continue to pay for at least part of it.

The former effect is unwelcome, and the latter a particular annoyance to IFAs given the apparent lack of consumer interest.

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One way to resolve both would be to make guidance mandatory for those seeking to make use of Pensions Wise. This would limit the risk that those who are taking their pots end up with nothing to fall back on in their old age, and also increase the likelihood that the better off will seek more considered help in the form of financial advice.