'Back to the drawing board': Decumulation guidance not working

Pre-retirement guidance demand

James Phillips
clock • 2 min read

Three-quarters of pension scheme members want guidance before drawing down on their pension pot but current client options are "not working", according to The People’s Pension.

In a poll of 2,116 adults carried out by YouGov between 12 and 15 February, nearly four in ten told the master trust that they would be prepared to be guided towards a hybrid decumulation product, using both a guaranteed regular income and a flexible income pot, after having taken a lump sum. Another 35% opted for an annuity and lump sum option. The findings follow on from the provider's New Choices, Big Decisions report, published in January with State Street Global Advisors and Ignition House, which found that many savers were "sleepwalking into retirement", with their pension running ...

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

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Pensions

Pension engagement only way to cut 'retirement anxiety'

Pension engagement only way to cut 'retirement anxiety'

Verona Kenny says industry has ‘moral duty’ to push engagement

Jenna Brown
clock 23 April 2025 • 3 min read
L&G becomes first pension provider to complete dashboards ecosystem connection

L&G becomes first pension provider to complete dashboards ecosystem connection

Provider finalised its connection to the ecosystem today

Holly Roach
clock 17 April 2025 • 1 min read
How public sector pensions impact divorce proceedings

How public sector pensions impact divorce proceedings

'The ripple effects of the McCloud Remedy continue to be felt in divorce proceedings'

Vanessa Gardiner
clock 15 April 2025 • 5 min read