Just one in ten people exploring retirement options has considered turning to Pension wise, according to research from the National Association of Pension Funds (NAPF).
The publication of The Future Book promises to give a snapshot of the DC landscape as well as providing food for thought as to its future direction. Helen Morrissey goes through the research.
Almost half of the industry believes a flat rate of tax relief would be the best outcome from the government consultation that closed this week, Professional Pensions research finds.
Six in ten people criticised the observation from the Financial Conduct Authority (FCA) that people with more money in their pots would fall victim to pension liberation more often.
Avoiding tax, accessing pension freedoms and the lifetime allowance are the topics which most concern people who contact the Pensions Advisory Service (TPAS).
Three quarters of trustees and pension professionals think the government should scrap its restrictions on how often people can use Pension wise, PP research finds.
The Department for Work and Pensions (DWP) will take responsibility for Pension wise within the financial year, the work and pensions select committee has been told.
Citizens Advice has suggested that over 55s should be able to access face-to-face guidance from Pension wise on more than one occasion.
Lawmakers must clarify what is meant by advice so it can be made more widely available, industry figures have told the work and pensions select committee.
The quality of data collected by Pension wise needs to be improved to see whether freedom and choice is working, the work and pensions committee has heard.
Many employers are failing to help workers make retirement decisions, with three in ten not knowing where employees were getting information on the April pension reforms, according to research.
The Treasury took the lead on the retirement flexibilities introduced in April because they were mostly concerned with removing tax charges, Chancellor George Osborne has said.
Members of the work and pensions select committee are to launch an inquiry into advice and guidance available to retirees following pensions freedom to ensure people are not "ripped off" when accessing their pots.
The government is set to make the guidance guarantee service Pension wise available to all over-50s, documents from the summer Budget showed.
The industry must ensure the difference between guidance and advice is spelled if the public are to benefit fully from retirement flexibilities, warns the Money Advice Service (MAS).
Affluent investors are not using Pension wise says Suffolk Life.
PP looks at the risks in giving members guidance and what trustees can do to avoid them
Lay people will struggle to use Pension wise without having additional support according to Aon Hewitt client relationship manager David Pharo.
The insurance industry was bombarded by almost 230,000 calls from consumers in the days after the ‘freedom and choice' reforms took effect, the latest figures show.
The UK Independence Party (UKIP) would double the budget set aside for Pension wise this year from £30m to £60m if it wins the general election on 7 May.
Citizens Advice Bureau (CAB) has warned pensioners are twice as likely to be targeted by fraudsters after it received over 5,000 calls last year.
DC governance will need to evolve rapidly in the coming months if it is to remain fit for purpose according to Girish Menezes.
More than half (56%) of small and medium-sized employers (SME) have never heard about the retirement flexibilities set to come in from April 6, according to research.
More than two thirds of industry insiders think Pension wise will suffer "major problems" in its first few weeks, according to Professional Pensions research.