Pension advice shortfall expected for pots below £65k

Laura Miller
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IFAs believe those with pension pots of less than £65,000 are unlikely to pay upfront for advice, according to research by Axa.

Axa Life Europe's quarterly poll of 244 IFAs found the majority of advisers believe clients with pension pots of £65,600 or less are unlikely to pay upfront for advice on their retirement income options following the implementation of the Retail Distribution Review (RDR). About 22% of IFAs thought pension pots would need to be as high as £100,000 or more before people would pay for advice - indicating that pensions could be among the products which experience a potential shortfall in advice post-RDR. Simon Smallcombe, head of guaranteed distribution for AXA in the UK, said: "While the...

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