Pension savers are at the forefront of those seeking financial advice as the Emergency Budget looms promising to shake up the pension sector.
Unbiased.co.uk’s advice driver survey has shown that retirement planning is at the top of the list when it comes to reasons why people seek financial advice.
With the is at pension system recently dubbed ‘the most complicated system in the world’ by experts it’s no wonder those approaching retirement are looking for extra help when deciding how to save.
Over a third of consumers sought retirement planning advice in May according to unbiased.co.uk, something which they believe is a result of the Government’s plans for pension reform.
It is thought that with the coalition’s plans to change the retirement age, alter tax boundaries and scrap compulsory annuitisation, people are in need of more advice than ever before to see how the changes will affect them.
Karen Barrett, Chief Executive of unbiased.co.uk, said: "With the coalition Government underway and an Emergency Budget imminent, many consumers will be scrutinising their finances in a bid to understand how they will be affected by any changes.
Alterations to pensions and tax levels, such as capital gains tax, will have significant repercussions for those affected, and it is crucial for everyone to understand if and how this will impact them. Retirement planning is a hugely complex area and only an independent financial adviser can look at all factors relevant to an individual and their circumstances, and recommend the best solution for them.”
The second most popular advice driver in May remained investment and savings, with a quarter of consumers searching for an IFA who specialises in this area.
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