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Tens of thousands entering retirement each year without taking advice

New analysis from the Association of British Insurers shows very low levels of retirement readiness. While the advice gap remains, and grows in some cases, the pensions industry has an important role to play in helping customers make retirement decisions. This is why the ABI has published two communications guidance documents.

The analysis found that more than 62,000 people accessed some of their pension via drawdown for the first time during a six-month period last year, but 34% haven’t taken any form of financial advice. This worrying trend is echoed by the FCA who found that 91% of UK adults did not receive any financial advice in a 12-month period.

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