Corporate Adviser
  • Content Hubs
  • Magazine
  • Alerts
  • Events
  • Video
    • Master Trust Conference 2024 videos
  • Research & Guides
  • About
  • Contact
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG
No Result
View All Result
Corporate Adviser
No Result
View All Result

Lukewarm response to Govt pension advice plan

by John Greenwood
June 2, 2016
Share on FacebookShare on TwitterShare on LinkedInShare on Pinterest

Almost two thirds of over 50s say they would be unlikely to use their pension savings to pay for advice, according to new research from Retirement Advantage.

Just 15 per cent of over 50s said they were likely to use their pension to pay for advice, with 62 per cent unlikely, 14 per cent neither likely or unlikely and 8 per cent not having an opinion.

The Government is proposing to allow savers to draw up to £500 from their DC pension pot tax free to pay for advice, but industry figures are questioning whether people will take advantage of this facility.

The research also found that amongst people who are not planning to use a financial adviser, 38 per cent are put off by the cost of advice, and an identical proportion are put off because of their lack of trust in advisers.

Retirement Advantage pensions technical director Andrew Tully says: “While it sounds like a good idea to let people use their pension savings to pay for advice, it appears not only are people unlikely to take up the offer, but £500 won’t actually go that far.

“Cost is clearly still a big issue when you ask people what the barriers are to seeking advice, alongside trust. On a positive note it is good to see government supporting advice and recognising the real value in people getting help and advice at retirement. The trick will now be to create a market which can service a wider range of consumers cost-effectively and also evidence the value of the advice being provided.”

 

 

VIDEO

Corporate Adviser Special Report

REQUEST YOUR COPY

Most Popular

  • Ros Altmann: Link tax relief to higher allocations to UK investments

  • Barnett Waddingham connects first client to dashboard

  • Govt set to delay announcement of ‘Mansion House Accord’

  • TPT first provider to confirm CDC plans

  • Aviva appoints Noon as Master Trust chair

  • 1.6m more people facing poverty in retirement: Scottish Widows

Corporate Adviser

© 2017-2024 Definite Article Media Limited. Design by 71 Media Limited.

  • About
  • Advertise
  • Privacy policy
  • T&Cs
  • Contact

Follow Us

X
No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.