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Retirement the main reason for seeking advice

Retirement the main reason for seeking advice

Category: Pensions

Updated: 08/10/2010
First Published: 08/10/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Planning for retirement is still the main reason that people seek financial advice, according to new figures.

Almost half (48%) of consumers searching for advice do so in the hope that they will receive some guidance on their retirement options, according to unbiased.co.uk.

Of the 48%, 11% were specifically seeking stakeholder pension advice, with the remaining 37% in search of general retirement advice.

The issue of retirement is a hot topic at present.

Moneyfacts.co.uk recently revealed that annuity rates had fallen to record lows, while there is still much confusion over the Government's auto enrolment scheme which it hopes to roll out from 2012 onwards.

Earlier this week, Lord Hutton outlined his proposals for public sector pensions, which included higher contributions and replacing expensive final salary schemes.

The plans could save £1 billion per year if passed.

There is also concern over the lack of information available to new starters about the pension options available to them from their employers.

"Everyone should think about what they will do when they stop working and how they will pay for their lives in retirement,"

Karen Barrett, chief executive of unbiased.co.uk, commented

"The numerous retirement planning options are confusing and complex and it's no surprise that retirement planning advice is the most sought after area of independent financial advice."

The figures also showed that more than a quarter (27%) of people looking for advice were looking for guidance with their investments and savings options, with 14% looking for mortgage advice.

Of the 14%, more than a third were comprised of potential first time buyers, while a similar number were looking for advice on remortgaging.

Just 2% of people looking for mortgage advice were seeking guidance on commercial mortgages, perhaps reflecting a lack of available credit.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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