Advisers have expressed a strong desire for future Government reform when it comes to their retirement clients, a new survey from NextWealth on behalf of Aegon has revealed.
According to the report ‘Managing Lifetime Wealth’, 25% of advisers would prioritise reforms that would lessen the tax burden on clients saving for retirement.
Nearly a fifth (17%) of advisers want the Government to establish a more consistent approach to implementing and overseeing pension rules, including death benefits and the Lifetime Allowance, while 12% have called for simpler rules surrounding retirement, investment and taxation.
Steven Cameron, pensions director at Aegon, said: “It’s clear from our findings that to support retirement clients, financial advisers want a future Government to reduce the tax burden for consumers. The recently announced Budget cuts in National Insurance will have been welcomed but the question is what further reductions in tax might be delivered in future.”
Cameron said advisers are very mindful of the complexities of the current system and believe simplification could help them to explain current tax, pension and investment rules to their clients.
Cameron added: “In light of the importance of longer-term planning for retirement, we urge all political parties to set out future policy proposals in their upcoming election manifestos. It’s vital that politicians avoid constant change or unnecessary disruption when it comes to planning for retirement.
“Financial advisers across the country want to help their clients to ‘do the right thing’ and make well-informed decisions about securing their financial future. Complexity and constant change, be it constant tinkering or radical overhauls, makes this far more difficult to achieve.”
