Paying for Financial Advice, from the Pension Pot

Highlighted in this week’s publication of the FAMR recommendations is a call for the Government to make it easier for people to access financial advice by using money from their existing pension pot.

The statement from the FCA said: “To make financial advice more accessible, FAMR has called on the government to allow consumers to access a small part of their pension pot to redeem against the cost of pre-retirement advice. This will ensure that consumers can access financial advice at a key milestone in their lives and feel confident in making financial decisions as they approach retirement.”

Allowing money from the existing pension pot to pay for advice, at the appropriate time, will be generally welcomed by the industry.