Cost misconceptions isolating at retirement savers from advice

New survey shows only 13% of those over 40 have spoken with an IFA

Hope William-Smith
clock • 1 min read

Common misconceptions are continuing to hold people back from seeking financial advice around their pension planning, according to My Pension Expert.

The at-retirement specialist firm said concerns that retirement and pension advice is too expensive and that it is only worthwhile for wealthy individuals are key problems. Its research - published on Friday (28 October) - found 75% of Brits aged 40 and over are concerned about the cost of advice and only 13% have spoken to an IFA about their retirement and pension strategy. "Historically, it was not always accessible to people of all wealth brackets," the firm said. "And this has led people who could benefit greatly from advice to avoid it altogether - even in times of economic turmo...

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 Pensions

The importance of defining the roles within a SSAS

The importance of defining the roles within a SSAS

'Poor role discipline can create compliance, tax and fiduciary risk'

Caitlin Southall
clock 08 October 2026 • 4 min read
AJ Bell warns Budget could 'exacerbate' 76% pension lump sum withdrawal rate

AJ Bell warns Budget could 'exacerbate' 76% pension lump sum withdrawal rate

AJ Bell has called on chancellor John Healey to commit to a pension tax lock

clock 06 October 2026 • 2 min read
Rachel Vahey: Pension savers need stability, not another panic-fuelled tax raid

Rachel Vahey: Pension savers need stability, not another panic-fuelled tax raid

'Real-world consequences of allowing pension tax speculation to run unchecked'

Rachel Vahey
clock 05 October 2026 • 3 min read