Financial wellbeing specialists Wealth at Work has launched a retirement guidance service designed to help pension schemes, trustees, and employers support members approaching retirement.
The move by WaW comes following the passing of the Pension Schemes Act, and within it legislation which places greater focus on how schemes are to support members in accessing their retirement savings.
Research from the Pension Policy Institute also shows that many members reach retirement with limited confidence, fragmented pension savings and little knowledge of how to convert pension pots into a sustainable income.
WaW’s Retirement Guidance Service has been designed to provide trustees and employers with a consistent, scalable and well‑governed approach.
The service is intended to be impartial, with a clear separation from regulated investment advice, and is focused on member understanding and informed decision making. This can enable trustees to maintain appropriate boundaries while giving members access to expert one-to-one support at this critical stage.
Jonathan Watts-Lay, director of WaW, says: “With new legislation placing greater focus around retirement support, providing personal guidance for members at retirement is moving rapidly up the agenda for trustees and employers.
“Our Retirement Guidance Service is designed to meet this need; providing structured, one-to-one support for members on their retirement journey, while giving schemes and employers confidence that guidance is being delivered in a consistent, well‑governed and compliant way.”
Where members have multiple pension pots, the service also looks to help them understand whether consolidation could support more effective retirement planning.
