3 March 2022
78% of retirees are not getting ongoing financial advice about spending/ drawing down their pension
According to new research[1] from wealth manager, Brewin Dolphin, 60% of British retirees have started accessing their pension pot without taking any advice from a financial adviser prior to retiring. Additionally, 78% of British people who have retired do not receive ongoing advice on how they can fully use their pension pot as they spend or draw it down. It is a worrying trend that could see savers and retirees make bad financial decisions at a crucial stage in their life, leading to negative consequences for their financial situation in retirement.
Richard Harwood, financial adviser at Brewin Dolphin, comments: “Retirement planning is a personal, complex, and confronting challenge which many people will struggle with, impacting their confidence to spend appropriately and fully enjoy retirement. These latest figures are increasingly concerning; retirees are dipping into their hard-earned savings without potentially thinking long-term and planning for the future. There is a real case of ‘longevity risk’, or the possibility that you will outlive your money.
“Speaking with a financial adviser helps mitigate this risk by providing a comprehensive plan and putting minds at ease. From navigating pensions and how to plan properly for your retirement, to manoeuvring changing personal circumstances and setting aside money for future generations, financial advisers have seen it all and can help. Financial advisers typically do the first meeting for free, and after that you’ll at least know if you’re roughly on the right track and what your options might be, so you can feel more comfortable with your decisions. Understanding what money you have for your retirement and how to spend it wisely is no mean feat, but that’s where preparation and speaking to an expert can be invaluable”.
Disclaimers
The value of investments can fall and you may get back less than you invested., Information is provided only as an example and is not a recommendation to pursue a particular strategy., Information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness; Brewin Dolphin is authorised and regulated by the FCA (Financial Services Register reference number 124444)
PRESS INFORMATION
For further information, please contact:
Richard Janes richard.janes@brewin.co.uk / Tel: +44 (0) 20 3201 3343
Siân Robertson: Sian.Robertson@brewin.co.uk / Tel: (0) 20 3201 3026
Payal Nair payal.nair@brewin.co.uk / Tel: +44 (0) 20 3201 3342
NOTES TO EDITORS
About Brewin Dolphin
Brewin Dolphin is a UK FTSE 250 provider of discretionary wealth management. With £59.0* billion in total funds, we offer award-winning, personalised wealth management services that meet the varied needs of our clients including individuals, charities and corporates.
Our services range from bespoke, discretionary investment management to retirement planning and tax-efficient investing. Our focus on discretionary investment management has led to significant growth in client funds and we now manage £52.0* billion on a discretionary basis.
Our intermediary business manages £19.0* billion of assets for over 1,700 advice firms either on a discretionary basis or via our Managed Portfolio Service, the MI Brewin Dolphin Voyager fund range and Sustainable MPS.
In line with the premium we place on personal relationships, we’ve built a network of 33 offices across the UK, Jersey and Republic of Ireland, staffed by qualified investment managers and financial planners. We are committed to the most exacting standards of client service, with long-term thinking and absolute focus on our clients’ needs at the core.
For more information, visit: www.brewin.co.uk
*as at 31st December 2021.
[1] The research was conducted by Find Out Now in February 2022 through a survey of a thousand people aged between 55 and 75.
Disclaimer:
The value of investments can fall and you may get back less than you invested.Brewin Dolphin is authorised and regulated by the FCA (Financial Services Register reference number 124444)