POUND NOTES
AUTO-ENROLMENT FOR PENSION ADVICE IS THE WAY FORWARD AUTOMATICALLY enrolling people for pension advice could be key to helping them sort their finances – and only 4% would opt out, research reveals.
Take up of the free, impartial, independent Pension Wise guidance service would rise sharply if sessions were prebooked for savers considering accessing pensions. The current take-up level of just 14% leaves many people without the guidance needed to make the big financial decision of when and how to access savings.
This means they could make a wrong decision that will affect the rest of their financial lives.
Stephen Lowe, group communications director at retirement specialists Just Group, which carried out the research, says Pension Wise guidance is seen as an extra obstacle before you get your cash, so many decide not to bother.
He said: “This leaves them exposed to the dangers of scams and uniformed decision-making.
“Auto-enrolment is needed at both ends of the pension journey to ensure people get into the savings habit when they start work, by being automatically put into a workplace pension.
“It would also ensure they understand their options and feel confident to make the best choice of how and when to access their hard-earned pot when they come to retire.” MAKE THE MOST OF YOUR MONEY FOR YOURSELF AND FOR OTHERS
THE Big Exchange (bigexchange. com) has launched an investment website to make everyone’s money count for more.
Co-founded by The Big Issue and heavyweight finance industry people, it will mean anyone investing from
£25 a month will see their money benefiting other people’s lives and the planet, without sacrificing financial returns.
Customers can choose investments that match their values and put them into tax-efficient accounts including ISAS and Junior ISAS. Charges are transparent, such as 25p a year for every £100 and with no time-period to be locked in.