Standard Life, part of Phoenix Group, has launched a retirement savings advice service for customers as the numbers seeking help remains low.
Fewer than 10% of people currently access any guidance and Standard Life Financial Advice launches with 10 advisers.
It is primarily targeting existing Standard Life customers from the age of 54 years and nine months and with a minimum of £50,000 saved in a Defined Contribution (DC) pension pot.
It comes a decade on from the introduction of pensions freedoms, which gave people choice and flexibility around when and how to access their pension money.
Damian Cheater, CEO, Standard Life Financial Advice Services, said: “As people live longer and pension freedoms increase complexity, the responsibility for making the right financial choices has shifted heavily onto individuals. Yet many feel overwhelmed, under-informed, or believe advice is only for the wealthy.”
Andy Briggs, CEO of Standard Life parent, Phoenix Group added: “This is a significant milestone for our retail business and our desire to serve the needs of customers.”
#Standard #Life #launches #retirement #advice #service #Daily #Business