Younger clients move to DC following pension reforms

Since Selectapension launched its new financial advice service in April 2015, 13% of cases analysed have been from clients aged 40-49, while a further 60% of cases analysed have been from those between the ages of 50 and 59. The results suggest that pension freedoms are challenging the dominance of the DB scheme.  

Andy McCabe, Managing Director, Selectapension, commented:

“Six months on since the pension reforms, consumers are taking more interest in how to manage their retirement pots. And, as findings from our new Bureau Service show, they’re engaging with their retirement plans well ahead of the state pension age; many at a much younger age than ever before.  

“Nothing is sacred in the new pensions world, so even DB schemes are not necessarily seen as the gold plated pension they once were. But with this disruption, comes real opportunity for advisers - provided they’re prepared to take it.”