The Consumer Panel today called on the Pension Commission to press for a general financial planning advice service for consumers to be included in its package of measures to tackle future pension provision.

The Panel believes that the next report on practical solutions for future pension funding must tackle the advice gap. In its response to the First Report of the Pensions Commission, the Panel says how important it is for consumers not only to be given various financial incentives to save in terms of tax relief, but also to have access to impartial advice on what to do in their individual situation. The Panel calls on the Pension Commission to include recommendations on the provision of advice in its next report.

Dianne Hayter, Vice Chairman of the Consumer Panel said:

"Impartial advice for consumers on planning for their retirement is the missing link at present. Consumers will be encouraged to save if they can work it through with some person or system which is well informed, but not interested in selling a certain financial product. "

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