Shopping around failure persists among pension freedom savers, research

Pension freedom began in April 2015

Jenna Towler
clock • 2 min read

Seven in ten people who have accessed their retirement savings since pension freedom did not shop around for different products, research from Citizens Advice has revealed.

The national charity found a quarter of people (24%) who stayed with their pension provider did so because they thought the product on offer was the best value - however, they did not look at what else was on offer from other providers. Citizens Advice warned pension savers they risked ending up with poor value products which may not meet their needs if they fail to assess other options. The survey of more than 500 people who had accessed defined contribution pots following pension freedom highlighted a selection of reasons why people remain with their existing provider: ● More tha...

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

Join

 

Already a Professional Adviser member?

Login

More on Pensions

British Steel a stark reminder of obligations around client files

British Steel a stark reminder of obligations around client files

Lawyer Philippa Hann reflects on her work around the pensions case

Hope Coumbe
clock 27 March 2024 • 2 min read
SSAS and the general levy: A victory for common sense

SSAS and the general levy: A victory for common sense

The value of SSASs after general levy consultation outcome

Caitlin Southall
clock 26 March 2024 • 5 min read
Pension dashboard operators join forces to push project forward

Pension dashboard operators join forces to push project forward

Coalition aims to bring 'dashboards to consumers as early as possible'

Jasmine Urquhart
clock 25 March 2024 • 2 min read