Many savers not accessing guidance or advice ten years on from pension freedoms

Fewer people understand their options now compared to three years ago, IFoA finds

Holly Roach
clock • 4 min read

Many savers are still not accessing advice ten years on from pension freedoms, a report from the Institute and Faculty of Actuaries (IFoA) reveals.

The organisation's report – Freedom and choice: Public attitudes a decade on – looks at savers' attitudes to pensions following the introduction of pension freedoms in April 2015 and questioned around 2,100 adults aged over 55. It found more people than before are now aware of the reforms and view them as beneficial, but many people are still retiring without seeking guidance or advice. The survey found 43% of respondents took no advice or guidance at all when it came to accessing their pensions, up from 40% in 2022 when the IFoA last conducted the survey. Also, just a fifth (20%) of tho...

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