The industry must work together to solve the problem of the growing "advice gap" which will affect millions of people with small pension savings, a think-tank has warned.
Advice for all - a report from the International Longevity Centre UK (ILC-UK) - said making simplified advice "workable" would help solve the problem sparked by advisers moving away from servicing clients with modest savings after the Retail Distribution Review (RDR). It said the Department for Work and Pensions (DWP) estimates that by 2050 there will be 4.7 million pension pots worth £2,000 or less. However, it said there is "widespread concern that an unintended consequence could be that those on modest incomes will be excluded from or priced out of the advice market". The paper sai...
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