Moreover, the decumulation market continues to grow and offer a wider range of options for clients when they reach retirement, creating an increased need for advice to help them navigate this crucial path.
The market has developed considerably in recent years, with drawdown becoming a fundamental part of the retirement planning process even for those with modest pension pots and third way products coming on stream.
In short: this is an area where advisers must ensure their knowledge is spot-on.
This guide aims to set straight the various options available to clients as they reach retirement, which options are best suited to which clients, the pros and cons of each option, and how to go about helping a client choose the best path.
Answers are provided by Fiona Tait, business development manager at Scottish Life; Andrew Tully, pensions technical director at MGM Advantage; and Alastair Black, head of customer income solutions at Standard Life.