Six tips on UK pension reforms for financial advisers
2 Apr 15
A radical reform of the UK pension system gets underway this month allowing savers in defined contribution schemes much greater freedoms on how they can drawdown and utilise their money.
Help your client overcome their natural disinclination to engage with anything relating to financial services.
Make it important and encourage action – as people naturally procrastinate and have an aversion to making complex decisions.
Take time to explain the variety of solutions to help people achieve their retirement goals – people don’t generally understand unfamiliar products and like to stick with what they know (e.g. an annuity).
Make it simple and straightforward – people get information overload and too much choice often equals making no choice at all.
