Professional advice still key for understanding retirement options

Professional advice still key for understanding retirement options

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Julia Grimes
Published: 13 Apr 2015 Updated: 03 May 2016

Research conducted on behalf of Tilney Bestinvest amongst over 50s has revealed that the most likely source of pensions advice for those facing retirement is seen as a financial professional (eg. financial adviser), with 28% of respondents stating they would turn to a financial professional for help.

The research, carried out by YouGov* on behalf of Tilney Bestinvest, between 25th – 27th March 2015, also showed that 24% of people would turn to their pension provider for advice, closely followed by the government’s recently launched Pension Wise service (23%).

Further down the list, 17% of respondents said they would look to the Pensions Advisory Service (TPAS) for advice, 14% from their friends, family or colleagues, 10% from the media and 6% from the Citizens Advice Bureau. 20% of respondents said they ‘do not plan to get advice from anyone’ in order to understand their pension options at retirement.

David Smith, Financial Planning Director at Tilney Bestinvest commented: “While much has been written about the new pension freedoms, the ‘devil is in the detail’ and there remain potential pitfalls which those facing retirement need to overcome. The change which now allows annuity holders the option to convert their guaranteed income streams (annuities) into cash lump sums for example is a serious decision that could prove financially disastrous, and one which in most cases should only be taken in the light of professional advice.

“While some may feel that they can go it alone without the help of a professional, it is important to bear in mind factors such as increasing life expectancy when planning your retirement and to make sure you have a coherent strategy for your later years.”

For further comment David Smith can be contacted at / 0191 269 9970


* All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,311 adults aged 50 or over, of which 970 have ever paid into a pension plan but are not yet retired. Fieldwork was undertaken between 25th - 27th March 2015. The survey was carried out online. The figures have been weighted and are representative of all GB adults.

Q: Which, if any, of the following do you plan to get advice from in order to help you understand your pension options when you reach retirement? (Please select all that apply)

A financial professional (e.g. financial adviser)


My pension provider


The government’s Pension Wise service


The Pensions Advisory Service (TPAS)


Friends, family or colleagues


The media/press (either in print or online)


Citizens Advice Bureau




Don’t know


Not applicable – I do not plan to get advice from anyone in order to understand my pension options at retirement


Base: All GB Adults 50 plus who have ever paid into a pension plan and are not currently retired (970)


Important Information:

The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. This press release does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers.

Annuities are not a whole of market solution. Once set up, an annuity cannot normally be changed or cancelled. Therefore it is important to consider all of your options, especially in light of the new pension reforms. If you are unsure of your options you should seek professional financial advice or visit

Press contacts:

Jason Hollands
020 7189 9919
07768 661 382

Matthew Gray
020 7189 2492

About Tilney Bestinvest

Tilney Bestinvest is a leading investment and financial planning firm that builds on a heritage of more than 150 years. We look after more than £9 billion of assets on our clients’ behalf and pride ourselves on offering the very highest levels of professional client service with transparent, competitive pricing across our entire range of solutions.

We offer a range of services for clients whether they would like to have their investments managed by us, require the support of a highly qualified adviser, prefer to make their own investment decisions or want to take more than one approach. We also have a nationwide team of expert financial planners to help clients with all aspects of financial planning, including retirement planning.

We have won numerous awards including UK Wealth Manager of the Year, Low-cost SIPP Provider of the Year and Self-select ISA Provider of the Year 2013, as voted by readers of the Financial Times and Investors Chronicle. We are pleased that our greatest source of new business is personal referrals from existing clients.

Headquartered in Mayfair, London, Tilney Bestinvest employs almost 400 staff across our network of offices, giving us full UK coverage, and we combine our award-winning research and expertise to provide a personalised service to clients whatever their investment needs.

The Tilney Bestinvest Group of Companies comprises the firms Bestinvest (Brokers) Ltd (Reg. No. 2830297), Tilney Investment Management (Reg. No. 02010520), Bestinvest (Consultants) Ltd (Reg. No. 1550116) and HW Financial Services Ltd (Reg. No. 02030706) all of which are authorised and regulated by the Financial Conduct Authority. Registered office: 6 Chesterfield Gardens, Mayfair, W1J 5BQ.

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This release was previously published on Tilney Smith & Williamson prior to the launch of Evelyn Partners.