Advisers benefitting from client 'frenzy' after bombshell budget

Statistics follow the unexpected changes to pensions and pensions tax

Hope William-Smith
clock • 2 min read

A frenzy among clients and advisers in the wake of the 2023 Spring Budget means almost half of IFAs have experience an increase in enquires, research shows.

Standard Life today (11 April) said the "bombshell" that was last month's budget has seen 45% of advisers report an increase in enquiries. This percentage rises to 58% for clients with an average portfolio of greater than £200,000. This follows a raft of changes to pensions announced by chancellor Jeremy Hunt four weeks ago, including the removal of the lifetime allowance (LTA) and increases to the annual allowance and the money purchase annual allowance. Around 13% of advised clients will need to have their pension planning adjusted, according to 203 IFA respondents to Standard Life'...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Financial literacy shortfalls putting savings at 'risk'

Financial literacy shortfalls putting savings at 'risk'

Industry urged to build engagement with savers so they do not make wrong decisions

Holly Roach
clock 13 March 2025 • 2 min read
FOS upholds complaint against Options Pensions over SIPP due diligence failure

FOS upholds complaint against Options Pensions over SIPP due diligence failure

Investment in unregulated Spanish business

Isabel Baxter
clock 04 February 2025 • 2 min read
FOS favours Pathlines Pensions SIPP clients in first post-rebrand cases

FOS favours Pathlines Pensions SIPP clients in first post-rebrand cases

SIPP operator failed to carry out due diligence, FOS finds

Jen Frost
clock 17 January 2025 • 2 min read