Stronger Nudge Rules Could Swamp Pensions Advice Service

By Martin Croucher (September 3, 2021, 2:55 PM BST) -- The government's plans to "nudge" people approaching retirement into considering their pension options could potentially overwhelm an official guidance service, an insurer has warned.

Aegon UK said that an additional 100,000 people could book in to use the government-backed Pension Wise service as a result of the draft regulations.

There is growing concern over the relatively low uptake of Pension Wise, which offers free pension guidance to customers on their retirement savings.

Both the government and the Financial Conduct Authority have floated plans that will require pension providers to offer a "stronger nudge" to people approaching retirement age toward using Pension...

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