On our way, on our way

Targeted support – is on it’s way

How do we get it I don’t know
How do we get it I don’t care
All that I know is help is on its way!

Currently, savers who have cash with pension and investment firms can’t get any kind of help with where to put their money without paying for financial advice.

The Sun report that help is at last on its way to Britain’s millions of savers who have pots but no pensions and need help working out how to get themselves a lifetime income without fear of it running out before we do.

The Sun understands the financial regulator is sidelining plans to introduce so-called “simplified advice”, which aimed to provide financial advice much more cheaply, in favour of this targeted support.

The FCA has been consulting on whether to introduce simplified advice, which would allow savers to get basic advice from financial firms, but is set to announce this has been “de-prioritised”.

Alongside the consultations into targeted support for investments, The Sun understands a so-called “sandbox” test will be conducted to see what kind of support works best for savers.

It is understood a select number of financial providers will be included in the test.

This will be called “policy sprint” conducted over two to three months and will test different methods of supporting customers to swap from holding their money in cash to investments.

The final rules for both pension and investment firms will be confirmed after the regulator’s consultations close and it has assessed the feedback, likely sometime next year.

An FCA spokesperson told The Sun:

“We have been talking to a range of interested parties about this important piece of work. We intend to set out our plans later this year.”

Pension SuperHaven stands ready to offer targeted support to savers looking at their retirement options. Like Laura Purkes , we are fans.