Speaking at the first PFS Festival of Financial Planning today, former Pensions Ministers Baroness Ros Altmann and Sir Steve Webb said that impartial financial advice was what made the difference when it came to successful retirement planning and avoiding pensions pitfalls.

They spoke to a packed room of more than 500 delegates at the PFS event at the NEC in Birmingham, the first day of the two day PFS Festival of Financial Planning which saw more than 2,500 attend on day one and a total of more than 3,000 set to attend over the two days.

Baroness Altmann told delegates: "I believe that people need access to independent financial advice designed for them. If we help everyone get guidance you then know what questions you need to ask. The guidance can then lead to your own financial advice which I believe is the best thing for everybody."

Sir Steve Webb said in his time as Pensions Minister one of his key regrets was that the FCA, and ultimately the Treasury, was responsible for regulating financial advice which made it difficult for him to make pensions advice integral to the retirement planning process as he had no control over it and was rebuffed when he tried to do more on pensions advice.

Sir Steve said there was often confusion in government about the difference between pensions guidance, offered by Pensions Wise and other bodies, and bespoke, independent financial advice.

He said pensions needed "far more impartial advice and guidance" and he had wanted to gain control of financial advice on pensions from the Treasury but wrangling between government departments made this near impossible because the Treasury was unwilling to give up any control of the FCA which regulates most pensions advice.

Both ex-ministers forecast a change in pensions priorities in future with Sir Steve warning that the "Treasury hates pensions" and would continue to scale back tax relief to cut the cost to the government of pensions. He predicted that in the future the Treasury would try to shift pensions planning towards ISAs rather than pensions because the tax relief would cost less. Baroness Altmann said she was against ISAs being used to replace pensions as they had different roles.

Baroness Altmann said, however, that she feared that pensions tax relief could go altogether in some areas in future such as basic relief on auto enrolment pensions with the government potentially arguing that the employer contribution was enough of an incentive.

She also wanted more focus on women and pensions and the cost of social care.

Both agreed that pensions policy was fragmented due to arguing between ministers, constant replacement of ministers and lack of co-operation on long term pensions planning between government departments. Sir Steve said as a minister he regularly found himself only learning of key changes to pensions made by other government departments at the last minute.

The pensions debate was one of the highlights of day one of the Festival of Financial Planning.

Liberal Party leader Sir Vince Cable will close the event and will be one of many well known speakers including England’s World Cup-winning rugby coach Sir Clive Woodward who pulled in a packed audience today for his keynote speech on "data and the power of knowledge."

Leading Financial Planners will also speak including PFS President Sharon Sutton, Pete Matthew, Julie Lord, Steve Martin, Phil Billingham, Damien Rylett, from US Life Planning guru George Kinder and many others. 

There is more information about the event here: www.pfsfestival.org