Of 119 advisers surveyed by Prudential, 68 per cent expect to advise more couples in the future and 46 per cent expect to see an increase in the number of family groups seeking pension advice.
Conducted in August (2015) the results of Prudential’s poll suggest that the pension freedoms have already impacted on the numbers of couples and families seeking joint financial advice.
Despite only coming into force in April, 33 per cent of advisers have seen an increase in couples and families in their client base over the last 12 months.
Vince Smith-Hughes, retirement income expert at Prudential, said: “Advisers are telling us that the shape of their client base is changing.
“Best practice in retirement and legacy planning has always been for couples to make well informed joint decisions.
“But recent changes mean that for some people it’s now also important to involve their wider families in the planning and decision making process.”
Billy Burrows, an independent retirement options expert, said: “The pension freedoms put people in control of their pension pots and they can now take income or cash in any way they wish at any time after the age of 55.
“One of the most far reaching changes are the new death benefits which allow pension pots to be transferred to any number of beneficiaries, which means that pension funds can be passed from one generation to another.
“However, with freedom comes responsibility and individuals owe it to themselves and their family to get the best possible help and information before making very important decisions about how best to use their pension pot.
“With this in mind, it is no surprise to see financial advisers gearing up to be ready to help more couples and families make the right financial decisions together in the future.”
The changes to pension rules were initially announced in March 2014 and came in to force in April 2015.
They allow those over 55 to access their defined contribution pension savings in a lump sum and the opportunity for savers to pass on their pension pot, to beneficiaries tax-free.
You can learn more about this subject, and earn CPD, by reading FTAdviser’s Guide to Passing on your Pension.
