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IFAs to retire at 62, says MetLife

The average IFA will retire at 62 but just 13 per cent will rely on conventional annuity income to live on, says MetLife.

The research shows that 8 per cent intend to work beyond 62 and 13 per cent will rely on property income while income drawdown is favoured by 46 per cent of advisers.

Just 7 per cent of IFAs are relying on a company defined benefit scheme as their main source of retirement income with another two per cent looking to a company defined contribution scheme. Sipps are the main choice of 4 per cent of IFAs.

Just over a third of advisers aim to have retired by 60 with around 15 per cent planning to stop working at 55 and 8 per cent say they will never retire. A further 9 per cent intend to keep going past 65.

MetLife head of communication Rosy Atal says: “It is fascinating to see what IFAs are planning to do for retirement. And it is also sobering to find out that many do not plan to retire.

“Retirement provision is undergoing a radical transformation in the UK in the wake of the A-Day changes and it appears that IFAs are leading the way by turning their back on the conventional annuity.

“Of course as many are running their own businesses they cannot rely on company schemes which helps them to understand the problems their clients face.”

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