Advisers benefitting from client 'frenzy' after bombshell budget

Statistics follow the unexpected changes to pensions and pensions tax

Hope William-Smith
clock • 2 min read

A frenzy among clients and advisers in the wake of the 2023 Spring Budget means almost half of IFAs have experience an increase in enquires, research shows.

Standard Life today (11 April) said the "bombshell" that was last month's budget has seen 45% of advisers report an increase in enquiries. This percentage rises to 58% for clients with an average portfolio of greater than £200,000. This follows a raft of changes to pensions announced by chancellor Jeremy Hunt four weeks ago, including the removal of the lifetime allowance (LTA) and increases to the annual allowance and the money purchase annual allowance. Around 13% of advised clients will need to have their pension planning adjusted, according to 203 IFA respondents to Standard Life'...

To continue reading this article...

Join Professional Adviser

  • 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.



Already a Professional Adviser member?


More on Pensions

Port Talbot, Wales

'Model behaviour' sees Quilter avoid penalty for Lighthouse/British Steel

Comes after Lighthouse Advisory Services was censured last month

Hope William-Smith
clock 01 June 2023 • 2 min read
Newport, Wales

Newport firm Niche IFA stops trading as FSCS begins British Steel probe

The lifeboat fund began its investigation at the end of last week

Hope William-Smith
clock 30 May 2023 • 1 min read
Aegon pensions director Steven Cameron

Advisers back track on centralised retirement propositions

Retirement market and adviser sentiment changes researched

Hope William-Smith
clock 23 May 2023 • 1 min read