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New research from wealth management and Financial Planning group Tilney has revealed that most people remain in the dark about what to do with their pensions on retirement but most still want the ‘certainty’ of an annuity-style income.
The end of the tax year is traditionally a really busy time for adviser and SIPP providers.
New analysis of 17,000 drawdown customers by a provider has revealed wide variations in the amount taken from pension pots but few signs of pensioners taking out all their cash in one go to buy a Lamborghini.
Some 32% of pension savers using drawdown to fund retirement have no investment experience and two in five (41%) of these drawdown beginners have received no financial advice or guidance, according to new research.
The FCA has warned that some consumers who choose to take pensions drawdown without advice are failing to engage with the process and are risking financial “harm.”
New investments in SIPPs fell by 13% in the second quarter of this year despite the boom in pension transfers fuelling growth in transfers to SIPPs.

The Financial Conduct Authority has identified a number of pension areas where ‘intervention’ may be necessary following the introduction of the pension freedoms in April 2015.
Pension professionals fear a one size fits all ‘auto-drawdown’ policy will hurt clients, and they have suggested advice vouchers should be re-examined.
A new drawdown comparison table has been created to show both Personal Pensions and Sipps.
Consumers choosing income drawdown without using a regulated adviser are to come under the regulatory spotlight.
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