Govt must scrap MPAA, Quilter says

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Govt must scrap MPAA, Quilter says
BySimoney Kyriakou

Greer explained: "Typically, when people come to access their pension pots – and particularly small pots – in principle they have already got a very set idea of what they want to do with that money and there is a danger they’ll just see a Pension Wise appointment as another hurdle."

According to Greer, if members knew that they were expected to have sought guidance services or financial advice prior to contacting their pension provider for a withdrawal, that may start to elicit a change in behaviour in a way that nudging at the point of contacting a provider will not.

“Taking up support from a guidance service or financial adviser needs to be the social norm rather than an afterthought", he added.