Will you be forced to pay for pension advice?

Thousands of pension savers will avoid having to pay for mandatory financial advice following a government initiative aimed at those on small pots of retirement cash.

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Taking advice may be wise, but it's costly
(Image credit: Courtney Keating)

Thousands of pension savers will avoid having to pay for mandatory financial advice following a government initiative aimed at those who have guaranteed annuity rates (GARs) on small pots of retirement cash. While ministers are anxious to ensure poorly informed or advised savers do not lose out in retirement, they believe the cost of advice may be disproportionate for those with relatively small pension funds.

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.