Millions of people will benefit from a right to free and impartial guidance on how to make the most of the new pensions choices that come into effect in April 2015.
Backing saving is a key part of the Conservative long-term economic plan to build a healthier economy. People who have taken the decision to save for their future should be rewarded – and that’s what these pension reforms are all about.
Under Conservative reforms, everyone with a defined contribution savings reaching pension age will get free and impartial guidance on the choices available to them at retirement. We want to ensure this guidance is trusted and so we’re bringing together a range of partners to help deliver these changes – including the Pensions Advisory Service and Money Advice Service.
A simple principle is behind these changes: it’s your pension and you should be able to choose how to spend the money you’ve saved.
It’s a principle which is at the heart of the Britain we’re trying to build: a country where everyone who works hard can have security and peace of mind for the future.