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IFAs urged to mix and match retirement products

A third of independent financial advisors (IFAs) are failing to blend retirement products for a single client, even if this would result in making the best use of their funds, according to research from Prudential.

The survey of 800 IFAs found that 33% hadn’t contemplated combining retirement products for their vested pension clients, despite a large share of these clients having amassed pension pots worth more than £500,000.

Further figures revealed that 58% of advisers argued that 10% of their clients use a combination of different retirement products.

However, 67% of advisers forecasted that blended retirement solutions were likely to increase in the next three years.

Commenting on the figures, Stan Russell, senior pensions business development manager for Prudential, argued that pension solutions shouldn’t be a choice between a number of products but a mixture of the best available options.

He said: “A one-size-fits-all retirement product does not exist. The retirement landscape is changing to reflect the lifestyles and needs of a new generation of pensioners, but these changes need to filter to the advice that is given to clients. Therefore, more advisers need to consider blended solutions.”

Explaining how a mix and match retirement solution would work, Andy Holder, director for Yorkshire-based JM Glendinning Life & Pensions Ltd, said:
“For instance, one way we use blending is for clients who want to do drawdown and have a lot of other assets. We use part of their pension pots to buy an annuity to boost their secured income to the £20,000 a year threshold, allowing them to drawdown as much as they want.”

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