Pension freedoms driving record number to Tpas

Pension freedoms driving record number to Tpas

Pension freedoms have been driving more people than ever to The Pensions Advisory Service (TPAS), statistics from the service have revealed.

According to Charlotte Jackson, head of information and guidance for TPAS, the service has helped 117,900 customers in total over the past year.

The service also saw a 67 per cent increase in calls during 2015, when the pensions freedom and choice regime came into force, compared with the number received in 2014.

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Speaking at FTAdviser's Retirement Freedoms Forum event in Harrogate, Ms Jackson said: "Currently people do not understand all the pensions decisions they are making. It is not helpful to tell people pensions are complicated but there are many factors to them and different things to talk to them about and to consider.

"It is clear it is an important public policy for government to get people to pay for their own retirement rather than relying on the public purse. People need to be taking proper advice and we have to find a way of making things work for people."

Further figures from TPAS's annual report, expected today (Friday 16th) also showed 13,975 people were helped in August 2016 alone - a significant increase on August 2013, when the figure stood at 5,610.

Ms Jackson added: "Traditionally August is a quiet month but you can see the difference between pre-retirement freedoms and now is immense. This is all organic growth in the number of people having questions to ask." 

According to the data based on calls received over the past 12 months, questions on the freedom and choice regime, concerns over retirement planning and queries over legal requirements are three of the top five topics about which people ask TPAS.