New pension advice call

WORKERS with “gold standard” pensions will be better advised when tempted to cash them in, if regulators get their way.

The Financial Conduct Authority wants advisers to provide a personal recommendation for pension transfer customers.

The FCA’s Christopher Woolard said: “Defined benefit pensions are valuable so most consumers will be best advised to keep them.

“However, we recognise the environment has changed significantly, so we want to ensure that financial advice considers the customer’s circumstances in full.”

In the year to March, employers encouraged 80,000 savers on defined benefit schemes to sell them back.