Unsupported savers make costly decisions

After over ten years of successful auto-enrolment, millions of employees are now saving into defined contribution (DC) pensions. Despite the increase, people still overlook these relatively small pots as a primary income source in retirement. Many savers, therefore, withdraw their whole pot without seeking advice – this defeats the purpose of pensions and can increase tax bills. Some savers either ignore advice or don’t trust it. To aid the pensions industry, the government and regulator have acted through the Advice Guidance Boundary Review and its consultation on targeted support; assistance...