Financial advisers have an important role to play in addressing the “blissful ignorance’” that a lot of individuals have when it comes to pension savings and encouraging more contributions, Barnett Waddingham self-invested pensions (SIPP) technical specialist James Jones-Tinsley tells Professional Adviser.
It is no secret that people are currently not saving enough in their pension, The Financial Conduct Authority's latest Financial Lives Survey of nearly 18,000 UK adults flagged. It found that many people feel unprepared for retirement, with 22% of non-retirees saying they do not understand their options and 31% admitting they had not thought about how they would manage financially in retirement. Alongside this, the survey found that one third of adults have less than £10,000 saved in their pension. Jones-Tinsley believes that advisers are there to play a very important role when it comes...
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