Low-cost pension planning services launched to fill ‘advice gap’

By , 24 Jun 15

Free and low-cost pension support services have taken off as more UK consumers look for alternatives to traditional financial advice and the governmental initiative, Pension Wise.

The Retirement Options service produces a report which outlines the range of new options available, giving savers a better understanding of their choices before they consult a financial planning expert.

Rather than detracting from Pension Wise, Retirement Options is designed to build on the government’s guidance, making it quicker and easier to understand the new flexibilities.

Start of the journey

Dean Mirfin, technical director at Key Retirement, said: “The expansion of options and increased flexibility means retirement savers are increasingly on their own when it comes to making choices and need more support.

“Retirement Options is very much the start of the journey. Customers can then discuss their options in greater detail with a specialist which can ultimately lead to financial advice if required.”