Lack of consumer understanding on pension freedom advisers' biggest fear

Risk of savers running out of money concern for half

Victoria McKeever
clock • 1 min read

Half of advisers (51%) see a lack of consumer awareness and understanding of pension freedoms as their biggest concern about the regime three years on from its introduction, research from Prudential has found.

A similar proportion (49%) of advisers cited savers running out of money as their biggest concern, according to the research conducted among 100 advisers in April.   Unexpected tax bills and the risk of mis-selling were seen as major concerns for fewer than half (45%) of advisers while two-fifths (41%) warned about the risk of fraud. Four-fifths (81%), however, said they backed the reforms, while 30% believed the new rules had been very successful. Ideas to increase the take-up of guidance and advice included offering increased subsidies for advice in the workplace, which was suppo...

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 Retirement

Inflation shocks driving another long uptick in annuity sales

Inflation shocks driving another long uptick in annuity sales

‘Customers should be careful that this is the right decision for them’

Hope Coumbe
clock 23 April 2024 • 1 min read
Advisers warn market volatility will threaten retirement plans

Advisers warn market volatility will threaten retirement plans

More than half expect clients to postpone or change plans

Isabel Baxter
clock 26 March 2024 • 2 min read
Perfect timing: How to advise clients on the right time to retire

Perfect timing: How to advise clients on the right time to retire

Striking a balance between health, wealth and personality

Richard Hulbert
clock 05 February 2024 • 4 min read