Wild West pension warning

The Mail said there was a serious danger of a Wild West in pension advice next April when the new pension freedoms take effect.

It said infighting between civil servants and the financial services industry meant nobody knew how those retiring after next April would be advised. The Mail said current information packs for retirees are inadequate and people are not warned about the consequences of their decisions.

Understandably, the firms providing pension schemes do not want to be landed with the responsibility for giving advice – but providing information in a form people can understand isn’t easy either. The fact is that the decisions you face at retirement are complex and difficult, which is why we believe most people will benefit from impartial advice.