Enhance service by reviewing pensions

29 March 2010

A recent report from the Pensions Policy Institute states the patently obvious - that the majority of pensioners will be unable to achieve their desired standard of living in retirement based on their pension income alone.

I’m sure this will not come as a surprise to many readers of Mortgage Strategy.

The report goes on to warn that as a result of the shortfall the income and assets of a future generation reaching state pension age in 2030 may have to support their parents’ pensions in retirement.

Again, although this revelation will hardly come as a surprise to advice professionals it underlines how proactive mortgage brokers and IFAs have to be in ensuring that consumers are getting best advice to make the most of their pension pots.

This is particularly apparent when it comes to pension transfers, as millions of UK savers are currently wasting billions of pounds and putting their retirement pots at risk by stashing their cash in woefully underperforming pension funds.

The unfortunate thing is that individuals don’t often realise this, and even if they do they are unsure of how these schemes can work for them.

By offering clients a free pensions review brokers can add value to their offering and provide clients with a more comprehensive advice process, while opening up a lucrative revenue stream.

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