Your Money: Savers unaware of pension guidance service

More than half of over-40s don’t know whether they will be eligible for the government’s free pension guidance service, research by Partnership has found.

Pension savers will have access to free and impartial guidance on how to benefit from the pension reforms that will be introduced in April 2015.

However, Partnership’s survey of more than 2,000 people over 40 found:

  • 53% aren’t sure if they will be able to access the service
  • 18% said they know they’re not eligible
  • 29% know they are eligible.

Andrew Megson, managing director of retirement at Partnership, said:

“There is a huge need for education around the new pension regime.

“Much of the discussion has focused on the new freedoms but ultimately these are not going to be properly taken up if people don’t fully understand their rights and responsibilities under the new system.”

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