We do not believe consumers are aware of the options. In many cases, people take out a pension in the belief that the provider they accumulate with is also the provider they should decumulate with.
They take out a pension because they want an income in retirement. They would love that income to be guaranteed but perhaps that is not an option any more. They definitely want that income to be the maximum possible, regardless of the size of the pot and maybe even more in the case of smaller pots.
Money Marketing will ask advisers for their views on reforms. We will also ask for their views of what the ABI is doing in guidance for members but the status quo is not an option.