Pensions - Articles - LV=: On the cusp of a pensions mis-buying scandal?

 “These latest figures on the retirement income market are extremely worrying. Despite the introduction of freedom and choice, the majority of consumers are still not shopping around and staying with their existing provider. This means most retirees are missing out on getting the most from their retirement savings and we believe we are on cusp of a pensions mis-buying scandal.

 As well as not shopping around, few people are taking regulated advice and those with smaller pensions pots are simply not getting access to advice. This, coupled with the low level of engagement with Pension Wise, demonstrates the importance of bold decisions being taken for the Financial Advice Market Review. The Government must use the Financial Advice Market Review to introduce a package of measures to give everyone access to affordable, easy-to-understand, regulated retirement advice and take radical steps to incentivise advice to kick-start demand.