Over 55s Want Compulsory Retirement Advice

Over 55s Want Compulsory Retirement Advice.

With flexible pension drawdown access rules starting last month we are starting to see a lot more research and consumer feedback in terms of needs and requirements.

MGM Advantage are a pension annuity provider and they recently conducted research for over 55s and found the following:

• 11% of people said they were comfortable in managing their own tension in retirement
• 35% said they were not comfortable in managing their pension in retirement
• 62% suggested that they would use the new pensions flexible drawdown rules
• 65% felt that financial advice at retirement should be compulsory

These figures are surprising in that for so long people have not sought advice at retirement and simply bought an annuity with their existing pension company. However, the fact that pensions also frequently in the news nowadays, the profile has been raised and people now are taking their at retirement decisions much more seriously.

With nearly 2/3 of people suggesting that financial advice at retirement should be compulsory, we are minded that perhaps there is a greater concern than was realised that people realise without ongoing advice and management their pension fund may run out.

We offer a free consultation if you are thinking about the choices of an annuity at retirement or flexible pension drawdown and we suggest you contact us or book a callback if you need help.