Pensions expert proposes National Retirement Guidance Network

Pensions campaigner Dr Ros Altmann wants to see a 'National Retirement Guidance Network' created. The retirement expert, who has just been awarded a CBE in the Queen's Birthday Honours, has put forward the idea as the Government works out exactly how its pledged free and impartial guidance for retirees will work.This was a key plank in the pensions revolution laid out by the Coalition.In a special report created in partnership with Met Life, Dr Altmann said: "The first stage of the revolution in financial guidance and advice could be to design a national system of retirement guidance - perhaps called the 'National Retirement GuidanceNetwork'."This should have well-defined minimum standards, would be delivered by accredited individuals or organisationsand be standardised to ensure consistent quality."This can be put in place by April 2015 if agreement on required content and standards is reached quickly."Those receiving the guidance would be part of an accredited service that covers a minimum set of criteria."She said much of the guidance could be based on technology,with flexible access to webchat and Skype to offer education, information, and a signpost to full independent financial advice for those who want it. She said there would be a need for clear literature, website and apps to support the guidance package.She believes several organisations could help establish this network - including The Pensions Management Institute, the Chartered Insurance Institute and the Pensions Advisory Service - and firms who already provide financial education in the workplace could also be involved.The regulators would oversee it, she said. {desktop}{/desktop}{mobile}{/mobile}She said: "Given the short timescales for establishing this new system of at retirement guidance, the national network would probably have to focus initially only on the 'at retirement' decisions, but the service could be expanded to form part of a much wider system of financial education, which would focus on all aspects of Financial Planning and retirement saving including accumulation of pensions, at retirement options and decumulation, also incorporating the tax implications."The service will need to take long-term care into account and ideally would encompass all assets, including property wealth, other savings and managing debts."

Pensions expert proposes National Retirement Guidance Network

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