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07-Mar-08 10:10 [Pensions]
NAPF calls for face-to-face pensions advice The National Association of Pension Funds (NAPF) has claimed that employees in the UK need face-to-face advice if they are to make the right decisions about heir pension schemes.
Comments from the NAPF follow the announcement from the government this week that a new scheme was being launched to provide financial advice to people in the UK, reports the Herald.
Heather McGuire, of Associated British Ports, said: "This sector has quite a low level of literacy. For instance, most of the 500 people who attended the roadshows did not know that "equities", constantly referred to in pensions booklets, meant shares."
The national money guidance service which is being offered by the government was a key recommendation from the Thoresen Review of Generic Financial Advice and will aim to give people more knowledge and confidence when making financial decisions such as choosing a pensions scheme.
NAPF provides a voice for workplace pensions in the UK and has over 1,300 members.
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