Advisers should shy away from clients eager to cash in their pension pots and bear in mind annuities are "still key to the advice process" for pots worth £30,000 to £100,000, said 2plan chief executive Chris Smallwood.
The head of the Openwork-owned national IFA warned advisers could face a raft of complaints as clients with medium-sized pots run out of money when utilising pensions freedom. Smallwood (pictured) said 2plan advisers have been instructed to turn away clients wanting to cash in their pots or move into drawdown when the amount is between about £30,000 and £100,000. He said 2plan advisers would "provide no advice whatsoever for the client to encash their pot" and would only facilitate drawdown when they are satisfied it's a suitable option after giving full advice. In all other instan...
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