Advice drawdown slump a 'massive red flag'

Data from the regulator's retirement income market data released last week showed that of the 280,000 plans that entered income drawdown during 2023/24, only 46% benefited from professional financial advice compared to 66% using advice five years earlier. Use of advice has fallen for all methods of accessing pensions over that timescale, except for annuities where it has risen from 26% to 32%. Just Group communications director Stephen Lowe cautioned that the trend towards more pensions being accessed without professional advice looks like a "massive red flag". He said: "Retirement...