Advice at retirement 'should be compulsory', say over 55s

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Two-thirds (65%) of people aged over 55 and still in work think financial advice at the point of retirement should be compulsory, according to research.

The survey of over 55s by annuity provider MGM Advantage also found a third (35%) said they were not comfortable managing their pension in retirement, pointing to the need for on-going advice. Just 11% said they were ‘very comfortable' managing their pension in retirement. Backing for compulsory financial advice increased to 62% when pensions freedom was involved. MGM said 62% of people who planned to utilise pensions freedom to access their pots before retiring thought advice should be mandatory. MGM Advantage pensions technical director Andrew Tully said: "The research paints a...

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