Workplace will play 'key role' in future pension advice
Advisory services within the workplace will play a key role in the introduction and understanding among consumers of the personal accounts pension system in the UK, according to the National Association of Pension Funds (NAPF).
Personal accounts are to be opened on behalf of each full-time worker around the country from 2012 and the NAPF is convinced that a system of generic financial advice in the workplace will be a key part of the success of the reforms.
The assertions from the NAPF have come in response to an ongoing government review and the association has insisted that employees are more likely to heed advice that comes to them in the workplace rather than an unfamiliar source.
NAPF chief executive Joanne Segars said: "Generic financial advice will have a vital role to play in delivering a successful outcome for the coming pension reforms.
"The workplace is an ideal environment to reach many 'hard to get' people and it must be seen as a priority."
Earlier this week, the NAPF claimed that the recent stock market volatility will not impact the financial situation of people saving for retirement with its members.
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