Getting the right advice will safeguard your financial future

The increase in families investing their pension pots without taking the appropriate financial advice could see savers running out of money in retirement.

Since pension freedom reforms were introduced in 2015 there has been as significant shift from people using their retirement savings to purchase an income in retirement (an annuity) to the more flexible drawdown option, where income can be drawn as required in the form of lump sums. The record-low interest rates have also made annuities more expensive, adding to the migration away from this fixed income in retirement solution.

Using the greater flexibility now available with regard to defined contribution pension savings may be the right decision to make, however it is critical you get the appropriate advice and understand all aspects of the decision you are making.

Pensionwise, a free service provided by the Government, is available to help you understand your options. You can visit their website at

You may also wish to talk to an independent financial adviser. If you do not have one you can find details of financial advisers in your area by visiting