…. but can you take advantage of it?

Pension Freedom is, of course, what I am referring to.

Some pension companies cannot, or will not, modify their older systems to accommodate the new flexibility and as a result a pension transfer will be needed to access the new freedoms.

There is one other problem in the way, a lack of qualified financial advisers.  There are simply not enough of us to deal with our normal work load, plus the tidal wave of Auto-Enrolment Pension schemes to arrange and then, the large numbers of people who are expected to need advice, real advice not guidance, on their retirement funds.  This ‘capacity crunch’ as it was called has been highlighted in the FT Adviser publication.  A wave of ‘pent up demand’ is expected to be released in the early months and I can certainly relate to that problem.

So what action am I taking to cope with this extra demand?

First of all I have increased my back-office staffing.  The increased staffing will help me manage the increased demand for advice which has started earlier than expected.

Secondly I have developed a range of four new core portfolios for ‘natural yield’ income streams from multi-asset portfolios.  I fully anticipate this form of a tried and tested way of taking a long-term sustainable income to become a popular option.  By developing these new portfolios this will speed up my processes significantly.

Finally I am investigating the use of new software.  I am looking to focus on a more streamlined process than at present to speed up my research and reporting.

Taken together these actions will significantly enhance my ability to increase my work rate and help deal with the increased demand.


Please note that this article does not constitute advice.  It is essential to seek advice when looking to take benefits from a pension.