FAMR: Retirees should get early access to pension cash to 'pay for advice'

FAMR recommends limited early access

People approaching retirement should be given early access to a small part of their pension pot to pay for regulated financial advice, the Financial Advice Market Review (FAMR) has recommended.

The report, out this morning, has called on the government to allow consumers access to their pensions to redeemed against the cost of taking regulated financial advice. It said this would "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". The report also urges the government to explore ways to improve the existing income tax and National Insurance exemption for employer-arranged pension advice. The FAMR was a joint HM Treasury and Financial Conduct Authority review of...