WEALTH at work has launched a new Retirement Guidance Service designed to help pension schemes and employers support members approaching retirement. This comes as the Pension Schemes Act places greater focus on how schemes support members in accessing their retirement savings.

The introduction of Pension Freedoms placed responsibility for retirement income decisions firmly on individuals. More than a decade on, recent research from the Pension Policy Institute (PPI) shows that many members reach retirement with limited confidence, fragmented pension savings and little knowledge of how to convert pension pots into a sustainable income.

The Money and Pensions Service estimates that around 22.5 million UK adults do not feel they understand pensions well enough to make informed retirement decisions, while almost half (46%) of people lack confidence in managing their money.

At the same time, many pension scheme members prioritise accessing tax‑free cash ahead of considering their long‑term income needs, often making decisions reactively rather than as part of a structured retirement plan.

Guided retirement moves up the agenda

The Pension Schemes Act reflects a broader policy focus on improving how members are supported at retirement, alongside growing recognition that signposting alone may not always be sufficient.

This is reinforced by research from the PPI, which highlights that well‑designed guided retirement solutions can improve decumulation outcomes, provided they are simple, well‑governed and introduced at the right point in the member journey. The PPI also notes that guided retirement is most effective when treated as an ongoing process, recognising that retirement decisions evolve as circumstances change.

A practical solution for trustees and employers

WEALTH at work’s Retirement Guidance Service has been designed to align with this emerging framework, providing trustees and employers with a consistent, scalable and well‑governed approach.

The service is impartial, with a clear separation from regulated investment advice, and is focused on member understanding and informed decision making. This enables trustees to maintain appropriate boundaries while giving members access to expert one-to-one support at this critical stage.

Through one‑to‑one conversations, supported by digital tools and a clear written report, members are helped to make sense of their pensions, understand key risks such as longevity, inflation and tax, 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.

Supporting confidence and compliance

For trustees, the Retirement Guidance Service provides a practical way to demonstrate that appropriate support is in place as members move from accumulation to decumulation, supported by clear governance, oversight and reporting.

For employers, it offers a credible and structured way to support employees through a complex and often daunting life transition, helping individuals take greater control of their retirement savings while aligning workplace support with evolving legislation.

Jonathan Watts-Lay, Director, WEALTH at work, comments;

“With new legislation placing greater focus around retirement support, providing personal guidance for members at retirement is moving rapidly up the agenda for trustees and employers. Our Retirement Guidance Service is designed to meet this need; providing structured, one-to-one support for members on their retirement journey, while giving schemes and employers confidence that guidance is being delivered in a consistent, well‑governed and compliant way.”

The Retirement Guidance Service is available to pension schemes and employers seeking to enhance retirement support. Further information is available here, or WEALTH at work can be contacted for additional details.