People in the advice sector are “missing the point” about the government’s free guidance guarantee, Minister for Pensions Steve Webb said today.

Speaking at the Baker Tilly annual pensions conference this morning, Webb said offering free guidance will help to educate and bring people up to a basic level of understanding.

“Advisers are missing the point; this is an opportunity,” Webb said.

“Once people actually become interested and involved and realise they have choices, then they’ll be more likely to want independent financial advice in the future.

“All too often today, people are making retirement decisions with no help, no advice and no guidance and so this is a positive step. I’m personally very excited about it”.

Webb said “this isn’t financial advice; it’s a conversation with someone who has members’ interests at heart”.

Pension providers are to be required from next April to ensure everyone retiring with a DC pension receives free and impartial face-to-face guidance on the choices they face when deciding how to use their retirement savings.

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