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Portillo says IFAs have a duty to avert crisis

Former Tory Treasury minister Michael Portillo says IFAs have a moral obligation to help stave off a pension crisis.

He told the Positive Solutions’ annual partner forum in Birmingham last week that advisers must improve their reputation and give honest, sound advice or take part of the blame for a future generation of impoverished pensioners.

Portillo said IFAs must work to improve the savings rate. Households in Spain and Germany save twice as much as the UK and Italians three times.

He said take-up of occupational schemes has fallen from 60 to 40 per cent over the last five years and defined-benefit scheme membership has fallen from two-thirds of the workforce to just a third.

He said: “The savings and pension issue represents a colossal opportunity for IFAs to change savings habits. It is their moral obligation to do something. Otherwise, we will end up with a financially divided society and IFAs will be unable to live with themselves, knowing they could have avoided the misery of the people who saved too little.

“Turning to a good, honest, trusted adviser would help them avoid the catastrophe and they should do something to avoid British people walking into their retirements in a state of penury.”

John Loring/Orchardphotographic.comJohn Loring/


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