The managing director of retirement solutions at Aviva said it was good that people supported the chancellor of the Exchequer’s decision to allow unlimited access to pension pots at marginal tax rates.
However, Mr Bolton said people would increasingly need to alter their retirement income decisions in years to come and would inevitably require additional advice as a result.
He said: “It is clear that people will need support and guidance as they choose how to make the most of their savings, particularly as many are concerned about running out of money over what could be a long and varied retirement.”
The comments came as a poll from Aviva showed that more than 50 per cent of people believe they can be “trusted” to spend their money wisely.
There were strong levels of support for George Osborne’s declaration in his Budget speech last month that pensioners “will have complete freedom to draw down as much or as little of their pension pot as they want, anytime they want”.
Some 63 per cent said they supported having more control over their finances and 67 per cent approved of having greater freedom over their pension decisions.
Adviser view
Jonothan McColgan, director of Bath-based Combined Financial Strategies, said: “This survey shows consumers are happy to have more freedom over their pension pot, but does not explicitly say they are confident they will make the right decisions about what to do with it. I am also increasingly concerned that providers will influence direction of guidance, given that their actions brought about the need for a change in pension legislation in the first place.”
