Progress on the government’s ongoing initiatives to encourage retirees to take financial advice or free guidance around pensions planning at the point of retirement is “patchy”, Just Group says.
The firm analysed Financial Conduct Authority (FCA) data on first-time defined contribution (DC) pension pot access in research published today (29 November). It noted that no professional help was taken by more than half 53% of people in the 2021/22 financial year. About a third (34%) of new drawdown is currently ‘do-it-yourself', up from only 24% four years ago. A total 205,641 DC pots entered drawdown in 2021/22. Just Group said the figures show "little progress" had been made towards making impartial guidance a norm for those at the point or retirement and said patterns around...
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