Almost half of advisers have seen a rise in the number of client enquiries following the raft of pension changes announced in the Spring Budget, according to Standard Life.
The pensions group said 45% of advisers reported an increase in enquiries, rising to 58% among those with an average client portfolio of £200,000 plus.
The rise in interest follows Chancellor Jeremy Hunt’s surprise changes to pensions policy, including the scrapping of the lifetime allowance and a 50% increase in the annual allowance to £60,000.
Yet, despite inflated enquiries, advisers believe only 13% of their clients will need to update their pension planning because of the changes, rising to 15% among those clients with an average portfolio of £200,000 and above.
Chris Hudson, retail advising managing director at Standard Life, said: “The pension announcements in this year’s Budget took most people by surprise, particularly the scrapping of the lifetime allowance, leading to frenzy among advisers and clients alike.
“Clients have clearly been scrambling for clarity around what this means for their finances and financial planning, and have been looking for support from advisers to guide them through. While advisers only expect a small proportion of their most affluent clients to be affected, many will still be seeking advice for their situation, especially as it looks like measures around the lifetime allowance could be reversed if this Government loses power.”
[Main image: jon-tyson-qAQsVsSxp_w-unsplash]
