Should decumulation keep IFAs and clients up at night?
Pension freedom flexibilities ‘present risks which need to be navigated’
Pension Freedoms
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Qrops transfers up but pot sizes down
While pension freedom withdrawals pass £28bn mark
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IFAs bemoan ‘insufficient’ focus on decumulation
Some 86% expect growth in the number of clients needing advice on this over the next five years
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Many UK retirees lose out on tax and investment incentives
Because they are accessing the pension freedoms without advice
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Industry divided after pension freedoms hit £25bn
But data is not a complete picture and ‘represents only a fraction of the overall cash being accessed’
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Only 34% of UK retirees prepare before using pension freedoms
Retirement planning is ‘not easy to self-regulate’ and can be an ‘uncomfortable process’
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Concerns DIY retirement planning is on the rise
Only 32% of Brits accessing pension freedoms used an adviser
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Number of non-advised pension withdrawals ‘concerning’
Only 10% of Brits regret taking money but many in danger of chipping too much at their retirement pot
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Have UK pension freedoms passed their peak?
Transfers dropped 20% in the last quarter of 2018
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Poor pension freedom knowledge opens door for advisers
Firms could ‘reap rewards’ if they endorse inheritance tax incentives to new prospects
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Financial advice snubbed in £3.2bn pension withdrawals
‘One false move in regard to their pension could find people suffering a financially insecure retirement’
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Pensions freedoms: are clients savvy enough?
Tenet Group talks to IA about the lingering knowledge-gap, its UK acquisition plans and Brexit