SMF publishes report on improving access to pensions advice

Article summary

Social Market Foundation (SMF) has published a report setting out recommendations on how the government can improve both the accessibility and the quality of pensions guidance and advice among the public. Having estimated an average under-provision of pension pots of 58%, the report calls on the government to invest ‘significant resource’ into a pensions awareness campaign, to expand the scope of Pension Wise and add new digital tools, to supply clearer information on how the Financial Conduct Authority defines ‘guidance’ and ‘advice’, and to make using guidance or advice the default.