Budget: requirement for pension advice

sandsy

Linton wrote: »

I suspect this wont be peronalised "financial advice" subject to the current heavy handed consumer protection regime - it would be too expensive. "Guidance" seems more likely to me where the advisor just informs the customer of the options available and their implications.

This. Except I doubt if it will even be regulated advisers.

atush

gadgetmind wrote: »

I can see the MSE thread now ...

"ATOs are bulley's!!!!!!!

"My an misses went to see atos fer our penshun meeting. We telled them that we'd saved £20 a month all our lifes and now had over 12 grand saved into our penshuns.

"They said that weed not go enuf to retire and needed to keep working til we was 67! They are nothing but robbin bulley's that dont have any heart or considaration for penshuns like us!"

Of course, that's about an accurate stereotype as the Conservative's "Beer and bingo" one.

Reading that, I could't get the accent- the only one I could come up with was a 1950's western lol. I'm obv not up on me Yorks accents

SnowMan

This is what the Pensions Minister, Steve Webb had to say about how he envisaged the advice issue working on moneybox

http://news.bbc.co.uk/1/shared/spl/hi/programmes/money_box/transcripts/money_box_22_march_14.pdf

WEBB:
And that’s why we’ve put in place what we’ve called a ‘guidance guarantee’,
which means that every pension scheme will have a legal duty to make sure that people making these decisions can sit down with somebody impartial. It won’t be full blown regulated financial advice, but it will be much more than many people have now, which is a conversation with someone who’ll talk them through the options, explain how the system works. And we know from around the world that where people do have this freedom actually in general they don’t blow the lot; that people who are frugal enough to save for a pension are often very careful with what they do in retirement

and

WEBB:
And the FCA have been given the job of pulling together a structure to deliver this advice. It could be working with existing groups like the Pensions Advisory Service, the Money Advice Service; it could use CABs and local advice networks. And the point really is that it’s face to face, it’s independent. It’s not, as I say, full regulated advice. People will still, who want to buy products, many of them will still go to financial advisers, many will still buy annuities. But they will have had a conversation with someone who’s on their side and independent

gadgetmind

atush wrote: »

Reading that, I could't get the accent- the only one I could come up with was a 1950's western lol. I'm obv not up on me Yorks accents

Barnsley. And not the posh end.

kidmugsy

SnowMan wrote: »

This is what the Pensions Minister, Steve Webb had to say about how he envisaged the advice issue working on moneybox

http://news.bbc.co.uk/1/shared/spl/hi/programmes/money_box/transcripts/money_box_22_march_14.pdf


and

Och, just tell 'em to log on to MSE.

gadgetmind

kidmugsy wrote: »

Och, just tell 'em to log on to MSE.

Really? Have you ever met people from Barnsley? Do you even know the Barnsley disco chat up line?

kidmugsy

gadgetmind wrote: »

Really? Have you ever met people from Barnsley? Do you even know the Barnsley disco chat up line?

You've quoted the wrong quotation there, and you can quote me on that.

It's atush you should be ragging. I have a high opinion of Barnsley, based on its delectable chops.

amandajc

As a Barnsley lass born and bred I speak pretty highly of it myself too. Posh end or otherwise. Actually Barnsley is no different from where I live now. It all depends on the people you're lucky enough to meet and whether they have compassion, care, consideration and respect for their neighbours. No shortage of any of those things in my home town.

grey_gym_sock

amandajc wrote: »

As a Barnsley lass born and bred I speak pretty highly of it myself too. Posh end or otherwise. Actually Barnsley is no different from where I live now. It all depends on the people you're lucky enough to meet and whether they have compassion, care, consideration and respect for their neighbours. No shortage of any of those things in my home town.

and yet, you chose to leave

gadgetmind

grey_gym_sock wrote: »

and yet, you chose to leave

I think "escape" is the word you're after!

<-- N.B.