Opperman rules out mandatory guidance for 50-year-olds

Fairs welcomed the DWP's moves to require trustees of DC schemes offer to make Pension Wise appointments for their members, or provide the members with the information necessary for them to make the appointment themselves, and to ensure savers have to either take or opt out of receiving that guidance when applying for transfers.

The new measures are expected later this month, and will create a partnership — between freedom and guidance — “as synonymous as Laurel and Hardy, Cagney and Lacey, or Ant and Dec”, he wrote, adding that TPR will publish its own guidance before the new duties come into force.

“We know that these changes will require changes in scheme processes — which is why I hope trustees along with their administrators will be preparing for them now,” he said.

“Guidance and pensions should go together like fish and chips. I hope trustees will recognise this vital link so that savers benefit from receiving the right guidance, at the right time and ultimately make the right decisions.”

Benjamin Mercer is a reporter at FTAdviser's sister publication Pensions Expert