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Advisers shunned as DIY pension withdrawals highest since freedoms

File image of a pension savings potFewer pensioners are seeking help from advisers before taking their whole pot, latest FCA figures show.

For both full-cash withdrawals and annuities, the proportion sold with advice has fallen to its lowest level since the quarter after the pension freedoms.

The FCA published its latest data into trends in the retirement income market this morning, showing the majority of people who opted for both annuities and full cash withdrawals, did not seek regulated advice.

The propotion full cash withdrawals that were advised fell from 38 per cent to 25 per cent.

Only 28 per cent of annuities sold between October 2017 and March 2018 were advised, down from 34 per cent the previous year.

However, the proportion of savers opting for guidance, such as through the government-backed guidance service Pension Wise, on their annuities increased from 17 per cent to 30 per cent.

IFAs express concerns over non-advised drawdown sales after FCA review

Most people entering drawdown for the first time did opt for advice, with around two-thirds using a regulated planner.

The regulator says it is particularly interested in monitoring non-advised drawdown sales to assess potential risks to consumers.


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There are 5 comments at the moment, we would love to hear your opinion too.

  1. David Brocklebank 6th September 2018 at 4:51 pm

    It is really depressing to read so many articles on this and other media sites containing basic spelling and grammatical errors (para 2).
    Try spellcheck, or ask your editor, if there is such a person anymore.

  2. 2040 headline; Pensioners who shunned advisers are now mostly broke and will be relying on the Govt state pension of £255 per week, when they are 95 years old

    • Quite. For those of us who are plenty busy looking after the affairs of clients who do recognise the value of our services, why should we care about those who don’t? That said, I still think that legislation allowing people to do stupid things with their pension funds without taking advice was and is a decidedly bad idea.

  3. Its hardly surprising that advisers don’t get involved in full cash withdrawal.

    However, its not really news without details of average pot size. I’m sure the majority are tiny and therefore advice is going to make precious little difference. Although that’s presumptuous, much like some of the above comments

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