Responding to the Government’s announcement that consumers will be able to withdraw up to £1,500 from their pension pots to pay for financial advice, David Stevens, Director of Advice Strategy at LV=, said: “The Government is absolutely right to allow people to access money from their pension pot to pay for advice and it’s positive this reform covers both traditional and ‘robo-advice’ to meet consumers’ changing habits. We know that the upfront cost of advice can be a major barrier for consumers and today’s announcement should ensure that more people can get the help and support they need. Professional financial advice is vital for retirement planning to help people make the right decisions for them and ensure consumers get the most from their hard-earned savings.”
Background:
LV=’s Retirement Wizard service offers a regulated retirement advice report for just £199.