Advice is 'missing link' in true pension freedom success

Openwork survey of advisers

Jenna Brown
clock • 2 min read

Getting the best outcome from pension freedom can only happen with the backing of financial advice, according to an Openwork adviser survey.

The reforms, brought in four years ago, gave pension savers access to their pots from age 55 and opened up the drawdown market The survey of 115 advisers focused on adviser views on pension freedom and found more than half (51%) believed access to advice needed to improve to ensure the reforms continue to work well. Some 56% also said they worried about low levels of consumer understanding despite the reforms being in operation for the past four years. Openwork said its advisers were also concerned about the increased use of drawdown, with more than two-thirds (68%) of advisers say...

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