For advisers it is crucial they make sure clients understand how this extra money and time, given retirement is now delayed, can make a difference and put plans in place to provide them with a fully flexible pension arrangement to make the most of retirement when it eventually comes.
The newly motivated pension planners
Most people know their pension is something they need to sort out, but human nature and a busy life means it is all too easy to put off.
However, with the pandemic forcing everyone to stop and think about what is important, advisers are seeing an increase in clients with new motivation to sort out their retirement plans. And with the end of tax year coming up, now is the time to be putting those plans in place.
Again, this cohort is likely to have saved considerable sums of money with the move to working from home or not spending as much. As a result, they need help on what to do with this money, given retirement planning is now front of mind.
With an engaged client, this is effectively a dream scenario for a financial planner and the perfect time to track down old pensions and assess their current investment choices before pulling it all together into one, easy to follow financial plan.
Written by Ian Browne, pensions expert at Quilter