WEALTH at work launches Retirement Guidance Service to support trustees and employers

WEALTH at work has launched a Retirement Guidance Service to help pension schemes and employers support members at retirement. 

This comes as the Pension Schemes Act puts greater focus on how schemes help members access their savings. 

Recent research from the Pension Policy Institute (PPI) found many members reach retirement with limited confidence, fragmented pension savings and little knowledge of how to turn pension pots into a sustainable income.

The Money and Pensions Service estimated 22.5 million UK adults do not feel they understand pensions well enough to make informed retirement decisions, while almost half lack confidence in managing their money. 

The Retirement Guidance Service is designed to provide trustees and employers with a consistent and impartial approach, separating guidance from regulated investment advice and focusing on member understanding. 

Members receive one to one support, digital tools and a written report to help them make sense of their pensions, understand key risks and feel more confident about the decisions ahead. 

Where members have multiple pension pots, the service helps them understand whether consolidation could support more effective retirement planning.

For trustees, the service provides a practical way to demonstrate support as members move from accumulation to decumulation, with clear governance, oversight and reporting.