"Advice firms need to ensure they have adapted their processes to meet customers’ needs, and consider whether they have the capacity to carry out the extra review work"
Chaired by Nucleus’ Natalie Holt, the panel debated if the market is ready for drawdown to become ‘the new normal’, whether defaults should be used in some way to nudge and help clients manage their retirement income, and if defaults could potentially have a role as a gateway to advice.
The session was filmed and further educational content can be accessed by advisers through Nucleus’ best practice website Illuminate.
The panellists for this debate were:
- Rachel Vahey, product technical manager, Nucleus
- Michelle Cracknell, chief executive, The Pensions Advisory Service
- Abraham Okusanya, director, Finalytiq
- Richard Parkin, independent consultant
- Andrew Pennie, marketing director, Intelligent Pensions
Earlier this year, the platform brought together a panel to discuss defined benefit transfers and what advisers need to do to navigate through a market that is increasingly under scrutiny.
Rachel Vahey, product technical manager at Nucleus, said: “The pensions industry was turned on its head when the pension freedoms were introduced in 2015. Since then drawdown has become an increasingly popular pathway for people entering retirement and advisers have been helping them to do this safely.
“Advice firms need to ensure they have adapted their processes to meet customers’ needs, and consider whether they have the capacity to carry out the extra review work that will be needed as a result.
“Likewise, customers need to be safeguarded in this new environment, both in terms of avoiding running out of money, but also giving people permission to live the retirement they’ve earned. Both may involve rethinking traditional approaches to retirement planning.
“Speaking to policymakers and experts allows us to assess where the industry is at and what advisers need to be doing to navigate what has become something of a balancing act, ensuring the best possible outcome is achieved for the customer.”
