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Key Retirement to deliver pension freedoms advice service

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  • 19/01/2015
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Key Retirement to deliver pension freedoms advice service
Key Retirement is launching an advice service to raise awareness of the range of choices available to retirees ahead of the pension freedom changes.

Due to launch in February, the Retirement Options service will explain the main choices available to clients, highlighting the risks and relevance in a personalised format.

The new pension freedoms, as announced at Budget 2014, will be available to individuals from 6 April.

Key Retirement will provide the first stage of its service, the Retirement Options report, free of charge. It will aim to provide individuals with a greater understanding of the range of relevant options available while explaining the protections that come with regulated advice.

The launch of the service follows the publication of a research paper by the International Longevity Centre (ILC) which revealed widespread confusion around retirement income options.

The report, Making the system fit for purpose, found that just one in five over-55s with defined contribution pots know what a marginal tax rate is, while just half understood what an annuity was.

Key Retirement group director Dean Mirfin (pictured) said: “The ILC report shows there is considerable confusion about retirement income options but that people do have a good idea of what they want to achieve, which, for the vast majority, is a safe guaranteed income, but they do not know how to get to the right outcome.

“Once they have a good knowledge of their options – and importantly the consequences some may have – they can see the value of advice in helping them achieve what they want.”

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