Launch of new pensions guidance for debt advisers
19 October 2017
This past week, Money Advice Scotland and the Money Advice Liaison Group (MALG) launched Pensions and Debt Advice – Bridging the Advice Gap – a new paper written by Nick Lord that sets out how the recent changes in UK pension policy impact on consumers’ liability to repay debt.
It explains the challenges for younger consumers in choosing between pension saving and debt repayment and how those reaching the age of 55 and eligible to use Pension Freedom need more help in determining how their financial and personal future is affected by the new option of using pension savings to repay debt.
More specifically, the paper aims to set out how the pension changes impact on debt advisers, creditors, and debt collection companies, and it offers recommendations for a change in approach.
Wiseradviser training programme for April '17 to March '18 now available at www.wiseradviser.org