Helping savers understand their pension choices – call for evidence
LITRG’s response to this call for evidence makes a brief but important point: all pension schemes must provide members with information on the wider financial impacts of pension choices so that individuals understand their net income position. Failure to understand tax and benefits consequences can leave people worse off in retirement than they otherwise might have been.
Members should also be signposted to how they can get further guidance or individual advice, including non-digital channels for those who struggle to engage online.
The full response can be found here.