10 June 2015

Ammo Kambo, Divisional Director and Chartered Financial Planner at Brewin Dolphin, said: "It's important that these reforms are implemented with care, but investors now have the right to access their money at their discretion. Savers need to see consistency in the implementation and be able to access the money they have saved hard for over their working lives. Unreasonable fees, lengthy delays and challenges in obtaining or affording advice need to be addressed quickly."

"While there have been challenges around advice our research shows that with proper care and after individual advice, all retirees could have a better retirement and are less likely to risk running out of cash. The benefits of advice need to be made clearer and while Pension Wise can help with this, regulated advisers need to agree on how they are going to best serve the needs of pensions savers without undue cost or impediment."

Brewin Dolphin's exclusive research recently showed important key findings around pensions freedom:

Key Findings:

Of those who knew the size of their pension pot the average size is over £163,000

48% expect their pension pot to last them more than 10 years

16% would still use their pension pots need to pay off debts

Only 6% will invest their pension in gold, shares or bonds

46% will rely on money in an ISA or other savings for their monthly retirement

24% will rely on selling their home/down sizing

23% said they would put their pension in a savings/bank account

57% said they would be unlikely to seek financial advice on whether to withdraw a lump sum from their pension

Please see the Brewin Dolphin website for further information on pensions and how long your pot might last:

https://www.brewin.co.uk/insight/financial-planning/explore-how-ready-your-pension-pot-is-for-retirement

The opinions expressed in this article are not necessarily the views held throughout Brewin Dolphin Ltd. No Director, representative or employee of Brewin Dolphin Ltd accepts liability for any direct or consequential loss arising from the use of this document or its contents.Any tax allowances or thresholds mentioned are based on personal circumstances and current legislation which is subject to change.

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