Over half of DC pensions accessed without advice

Research found just one in three pensions accessed were done so after receiving advice

Holly Roach
clock • 2 min read
Just Group communications director Stephen Lowe
Image:

Just Group communications director Stephen Lowe

More than half (53%) of the 705,666 defined contribution pension pots accessed for the first time in 2021/22 were done so without the member receiving regulated advice, Just Group finds.

The firm's analysis of Financial Conduct Authority figures revealed just 33% of pensions were accessed after professional advice, and just 12% after Pension Wise guidance. Just revealed 53% of D...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Defined Contribution

Average pension transfer times fell during 2024 while values grew

Average pension transfer times fell during 2024 while values grew

Origo data shows overall pension transfer times took 12.3 days to complete last year

Martin Richmond
clock 24 February 2025 • 2 min read
Partner Insight: Why more support is needed to help avoid retirement savings shortfall

Partner Insight: Why more support is needed to help avoid retirement savings shortfall

With some retirees facing nearly a decade of unfunded retirement, Jayesh Patel - Head of DC Clients at Legal & General - discusses how to help savers better plan for the duration of their retirement years.

TPR changes approach to DC supervision and regulation

TPR changes approach to DC supervision and regulation

TPR plans to split DC schemes with similar risk profiles into four segments of supervision

Holly Roach
clock 20 February 2025 • 2 min read
Trustpilot