Defined Benefit  

MPs warned about pension transfer advice cowboys

The idea of an advice voucher – where every working adult in the UK should be offered a voucher for a financial health check with an adviser – was proposed by the Personal Finance Society in February.

Frank Field, chairman of the Work and Pensions select committee, asked Sir Steve if Royal London would pay for these vouchers.

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Sir Steve responded that this should be an initiative of government and industry together.

“I would be all in favour of that,” he concluded.

maria.espadinha@ft.com