New research has found that lack of consumer understanding and awareness of Pension Freedoms are the biggest concerns for advisers, three years on from the launch of the rules.
According to the research by Prudential, advisers believe Pension Freedoms to be a success, with 81% backing the reforms, while just under a third of advisers (30%) believe the new rules have been very successful.
However, the study highlights that consumer education is regarded as one of the biggest challenges to the ongoing success of the Freedoms regime. Other concerns raised by advisers include the risk of mis-selling, fraud, unexpected tax bills and savers running out of money in retirement.
“This research highlights just how beneficial it is for people to take high-quality advice as they approach the end of their careers,” commented Vince Smith-Hughes, a retirement income expert at Prudential. “People approaching retirement like the idea of being able to access their pension funds but there are many pitfalls that advisers can help them avoid.”
“The earlier those approaching retirement engage with retirement planning, the better,” he added. “Using the Government’s Pension Wise guidance service as well as the ability to seek advice should enable everyone to improve their understanding of the options.”
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