Related topic: Pension

The new report warns women are retiring with far smaller pension pots due to structural inequalities and calls for action to tackle the retirement ‘gulf’.

New research suggests caution needed over idea of ‘pension access schemes’ for first-time home buyers.

The report says the family home should not be ruled out of consideration - especially where liquidity is limited.

The proposals aim to make it clearer how pensions perform, what they cost and the quality of service.

Confusion about the changes is widespread and risks undermining positive saving behaviours and confidence in the UK pension system.

30% plan to increase their contributions, marking the biggest year-on-year shift in pension behaviour, but take-up of financial advice remains low.

Shifts ranged from altering investment portfolios and savings habits to adjusting pensions or gifting money.

Four in ten say clients will need a review of financial plans and 57% say they need to refresh or improve their knowledge on alternative strategies.

Advisers expect two thirds (66%) of their clients to be affected and will require IHT advice.

The changes will disproportionately impact those being paid less than £50,270.