The ‘mid-life MOT’ idea originally came from John Cridland, former head of the Confederation of British Industry (CBI) as part of the independent review of the State Pension which was published last year.
This new service will be delivered through a new Single Financial Guidance Body, which is designed to focus on those who are most in need. Guy Opperman said he wanted to make it easier for consumers to access free and impartial information and guidance to help them make effective financial decisions.
This looks like a great idea and i'm sure one that millions of citizens will want to take advantage of each year.
“The mid-life MOT should be timed at an age when people are starting to think seriously about their retirement, but importantly not too late to get on track. A check point around age 45 could help people be better prepared for their journey towards retirement. And if the MOT does uncover any financial issues that need exploring further, it’s important people have access to professional advice to ‘get back on the road’ to a financially safe future.”