“Things, like the Dashboard, when that comes into effect will help because I guess a lot of people don’t actually realise what pension they’re going to get.”
Pension Wise, which offers “free and impartial government guidance about your defined contribution pension options” can be a useful resource.
Scott Gallacher, chartered financial planner at Rowley Turton, believes the site has been “a great help” in making the transition from accumulation to decumulation.
He adds: “The best thing the government could do would be to encourage people to seek professional independent financial advice.”
As Mr James notes: “We’ve moved from a binary retirement world, where most are either in accumulation or decumulation, to a world where the move into decumulation is a journey that can take many shapes and forms.”
He urges regulation to reflect this.
There is clearly more both government and the industry can do to ensure advisers' clients do not lose out when it comes to pensions.
eleanor.duncan@ft.com
