Pensions  

Providers should shout about the advice allowance

Maria Espadinha

Maria Espadinha

Either they’re lucky that their pension provider offers such option, or they can postpone taking advice until they can fork out the money needed to pay for such advice. And this is only if they know that the allowance exists, which I very much doubt.

Pension companies aren’t doing enough for their clients. We can all bang about mid-life MOTs, drawdown investment pathways, or the need to increase pension contributions after 8 per cent.

But we need providers to shout from the rooftops that the advice allowance exists. And if that doesn’t work, government should make it mandatory.

I’m confident that my pension investments are now reflecting my risk profile and my beliefs. Can other millennials say the same? I doubt it.

Maria Espadinha is a senior reporter at FTAdviser.com