pension reform

Research flags warning

Firms have been referred to enforcement

Most savers have no intention of taking on the risks of investing in equities once they have begun to draw their pension, research suggests.

The regulator has encouraged people to seek independent financial advice if approached about investing their pension, as it warned of a rise in investment scamming ahead of the pensions freedom coming into force in April.

The Association of British Insurers (ABI) has launched a campaign to help customers understand their choices in retirement following the government's pension reforms.

Consumers must accept responsibility for their decisions in retirement when the new flexibility rules come into force in April, Financial Conduct Authority (FCA) chief executive Martin Wheatley has said.

More than half a million people will be able to take advantage of the government's changing regulation around pensions from 6 April, according to latest official estimates.

Half of adviser businesses have already seen their bottom lines boosted by the pensions freedom announced last March, according to research.

The Money Advice Service (MAS)'s retirement advice directory, put in place to support the incoming pension freedoms, has opened for adviser registration.