Transfers away from defined benefit (DB) pension schemes has been a hot, if sometimes uncomfortable, topic for the advice sector but pension freedom means it is an issue many people and thus their advisers cannot ignore.
"The biggest issue for me is the continued market volatility and people stripping out money," explained Prudential retirement expert Stan Russell. "If you do it at the wrong time, it's almost impossible to recover from. "So we need to somehow deal with that. Our clients need to understand that it's here for a while and, if they're drawing out income, then advisers need to make sure they deal with how and when they're taking money out." In September 2015, research by Zurich found more than half of advisers were shying away from pension freedom advice over fears of repercussions from t...
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