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

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

More on Defined Contribution

Phil Brown says it is important new metrics are sensitive to the nuances of provision across the market

DC reforms 'pave the way' to reshaping the market

People’s Partnership’s Phil Brown explores the DWP’s recent DC reforms

Phil Brown
clock 02 February 2023 • 4 min read
Industry-wide support for raft of new DC measures

Industry-wide support for raft of new DC measures

The pensions industry says the reforms have the potential to transform the sector

Holly Roach
clock 31 January 2023 • 7 min read
Pensions minister Laura Trott outlines the direction of travel for private pensions legislation. Image: parliament.uk (CC BY 3.0)

Minister sets out three key pillars of pension reform

Laura Trott says improving fairness, adequacy and predictability will be central to policy

Jonathan Stapleton
clock 30 January 2023 • 2 min read
Trustpilot