'Concerning' rise in non-advised decumulation sales

40% in 2021

Ayesha Venkataraman
clock • 2 min read

The overall number and proportion of non-advised decumulation sales are rising steadily, with 40% of decumulation products purchased without regulated advice in 2021, according to research by retirement specialist Just Group.

Just Group's analysis of product sales data from the Financial Conduct Authority (FCA) pointed to a trend of fewer pension savers taking advice when buying income drawdown and guaranteed income for life solutions. Out of the 262,261 decumulation products bought in 2021, Just Group found that 104,774, or 40% were purchased without professional, regulated advice, which was the highest number of sales of non-advised decumulation solutions since the pension freedoms legislation in 2015, it said. The analysis also found that non-advised purchases have been trending higher from a low of one...

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