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The Retirement Partnership managing director Steve Lewis on explaining solutions to clients in an effective and time-efficient way Prudential’s Barry O’Dwyer gives his take on the results of Aifa’s retirement study and says advisers are missing a trick by not treating retirement clients as a separate business

Income drawdown LV= head of pensions Ray Chinn looks at the innovation behind flexible drawdown and asks if the coalition can transfer this into legislation

Sipp investors put forward all manner of heirlooms to be included in plans and providers are lobbying for the rules to be widened Retirement Strategy launched in September 2009 with a cover interview of Aifa chairman John Gummer examining the retirement planning opportunities for advisers and the shift in Government thinking required to benefit consumers.

The interview centred on an Aifa study conducted in association with Prudential called Financial Planning Through Retirement. Last week, the trade body published an update on its benchmark survey which once again looked at adviser and consumer attitudes to saving for and living through retirement.

With the election of the coalition Government, a huge amount has changed since last year’s survey, such as proposals to increase flexibility around annuitisation, changes to tax relief and a radical shake-up of public sector pensions.

This month, Retirement Strategy catches up with Prudential UK deputy chief executive Barry O’Dwyer, whose firm again worked with Aifa on the study. The findings provide positive news about the standard of advice being given but highlight some of the challenges the industry faces.

The vast majority of advisers surveyed said they would offer advice to clients with pension pots of less than £25,000, contradicting claims heard from certain areas of the market that advisers will not deal with such business. The type of advice being offered will obviously vary depending on the client and the survey suggests that most advisers have yet to develop a specific retirement proposition.

For consumers, the study exposes a worryingly low knowledge of at retirement options despite the great deal of good work around the open market option from many in the industry over the past year. More work is obviously needed.

Elsewhere in this issue, Cherry Reynard follows up last month’s article on strange Sipp investments with anther piece looking at the types of investments Sipp firms have had to reject.

As always, any views or ideas for future issues should be sent to

Paul McMillan
Retirement Strategy


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