James McLeod, head of pensions at AES International, suggests if an elected Labour government wants to continue to reform the pensions market, it may need to take on more responsibility for guiding and protecting consumers.
McLeod said: “Labour’s sentiment on ensuring pension savers get good value is of course well placed. However, it is much easier said than done. There is unprecedented pressure on pension providers and the IFA community to support the latest pension changes and, while the industry is doing as much as it can to support those reaching retirement, perhaps the government needs to take on even more responsibility for ensuring people are not ripped off by pension scammers.
“There is plenty of guidance available already to people – either paid for or free, yet it is often not taken, and the current government has already taken some action. But perhaps the next government may want to consider more direct ways it can educate those reaching retirement about their options or clamping down harder on those who abuse the system.”
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