More than 70% of consumers believe they will need advice on whether to opt-in or out of the new personal accounts.
In addition, the survey of more than 1,300 callers to The Pensions Advisory Service (TPAS) helpline reveals 79% of consumers say they will need advice on the best way to invest their contributions, while 76% would want advice on whether they are paying enough. But despite the fact most proposed models - including those by the Association of British Insurers (ABI) and National Association of Pension Funds (NAPF) - have cut out the advice process, around 78% of those surveyed are in favour of the new system of personal accounts, with almost three-quarters supporting the idea of automatic en...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes