Providers pushing pensions freedom advice demands 'too far'

Providers pushing pensions freedom advice demands 'too far'

clock

Claire Trott can foresee a future mis-selling scenario linked to pensions freedom. Here, she explains why providers are pushing advice requirements too far...

I feel that most people would benefit from taking advice at retirement, but I don't think you can force people to pay for advice if they don't want to. It should always be remembered that it is their money after all and they do have a right to access it in a way that best suits them within the schemes capabilities. Refusing access or restricting their choice of retirement benefits without advice could be seen as providers creating a new default option for the client. Recently I saw that one provider had said that without advice the client could take their whole fund as cash, buy an...

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

UK workers regret not learning about pensions sooner

UK workers regret not learning about pensions sooner

Over half admit to feeling out of their depth, research finds

Isabel Baxter
clock 08 April 2025 • 2 min read
Why is it so difficult to switch a pension? Navigating the transfer maze

Why is it so difficult to switch a pension? Navigating the transfer maze

‘If I didn’t work in pensions, I might have simply given up on many occasions

Lisa Picardo
clock 08 April 2025 • 4 min read
Many savers not accessing guidance or advice ten years on from pension freedoms

Many savers not accessing guidance or advice ten years on from pension freedoms

Fewer people understand their options now compared to three years ago, IFoA finds

Holly Roach
clock 07 April 2025 • 4 min read