Pension schemes - Facilitating financial advice?

Today The Pensions Ombudsman published ‘Panels and Independent Financial Advisers.’

Historically, pension scheme administrators, trustees and employers have expressed concern with regard to the scope of their responsibilities in providing financial advice to members and have hesitated in recommending or facilitating access to particular financial advisers. The Pensions Ombudsman(TPO)’s guidance on this topic sets out its approach to the provision of factual information in respect of independent financial advisers.

Anthony Arter, Pensions Ombudsman said:

“In these complex and challenging times, it is important that scheme members know where to turn for help when they are considering their pension options and/or are planning for their retirement. Obtaining independent financial advice is not always easy for members of pension schemes. Pension schemes have difficult decisions to make when they disseminate complex information. I am often asked for my views where a scheme ponders establishing a panel of independent financial advisers. My office has set out some information to assist schemes and their members, which I hope will be helpful.”