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Advisers failing to adjust to changing retirement environment
25 July 2008 12:00
Despite a rising number of retirees returning to work, a new survey has found that a minority of advisers are failing to review their clients' retirement plans accordingly.
A poll last week by Zurich revealed that almost two out of three people nearing retirement age are considering going back to work, with almost one in three doing so for financial reasons.
Yet new findings from the Pension provider have indicated that one in five financial advisers have not yet reviewed their clients' retirement plans even though they have opted to continue working at this stage of their lives.
Of those advisers that have reassessed these plans, one in three told their client to take the tax-free money, one in 12 to take that and an annuity, one in ten to take the money and a drawdown on their income and one in three to leave their pension invested.
Zurich's Dave Lowe called on advisers to make their clients aware of the different ways in which they can fund their retirements and to re-evaluate their arrangements in light of changing circumstances, with more people opting to stay active after ending their careers.
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