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Rise in IFAs recommending pension income withdrawal

IFAs are more likely to recommend pension income withdrawal as a viable alternative to annuities over the next year, according to research by Skandia.

The long-term savings group has found 61 per cent of IFAs polled expect income withdrawal business to increase over the next 12 months, with 30 per cent feeling that income withdrawal is appropriate for over half their clients.

Skandia head of pension and bond marketing 
Nick Bladen says: “Concerns have been voiced for some time now around the inflexible nature of annuities.

“There was bound to be a reaction to this and the market has responded by looking to other retirement solutions. Income withdrawal is understandably a viable alternative and to see more advisers looking toward this option confirms that they continue to look for financial solutions in the ever evolving ‘at retirement’ market.” 

As part of the research, advisers were also asked what they intended to do with their own pension savings. Only 10 per cent of advisers would look to purchase an annuity with the whole amount, over half would use their entire pension savings to go directly into income withdrawal and 38 per cent would use a combination of both.


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