Fears pension providers will struggle under huge inflows of customer requests come 6 April are "well-founded" as too little has been done to address communication processes, according to PwC.
The firm found providers were central to many people's retirement journeys but had not yet been proactive enough in reaching out to their clients about their options. They will likely face "stark pressure" when the new rules come into force and "very large numbers of low-wealth, small pension pot-holders" look to them for information, PwC suggested. Consumers will be able to access a variety of retirement products or withdraw their pension savings under new pension freedom rules from 6 April. PwC's latest survey of 1,200 people aged 50-75 found almost half of people plan to ask the...
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