The Pensions and Lifetime Savings Association (PLSA) comments on the Department for Work and Pensions (DWP) Stronger nudge to pensions guidance: statement of policy intent.
Lizzy Holliday, Head of DC, Master Trusts and Lifetime Saving, PLSA, said: “The PLSA supports the Government’s proposals to deliver more effective nudges to people to use guidance services before accessing their pension savings. This is something we called for in our 2018 Hitting the Target report. But we also continue to believe that support for savers regarding their decumulation choices needs to go further.
“Our new DC Decumulation framework builds on the Pension Freedoms and would support and bolster this ‘nudge to guidance’ approach. Under our recommendations schemes would be required to have multiple touch points with savers throughout their retirement savings journey – including, but not solely, this new nudge. We think combining these approaches will be more effective in encouraging a meaningful shift in the number of people using Pension Wise services.”
Click here to read more about the PLSA’s recommendations for a new DC Decumulation framework.
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