Confusion surrounding the retirement reforms presents a huge opportunity for the advice community, says pensions technical manager Jon Gwinnett


    As the pension reforms go live, confusion and misinformation surrounds the changes. National media, which have begun covering pensions to a degree hitherto unimaginable, have compounded this with factually inaccurate reporting. There is a massive challenge ahead for the advice community and Pension Wise to counter the misinformation and lack of understanding that exists.

    Screen Shot 2015-04-02 at 10.22.00Here at Nucleus we’re doing our bit. Our new retirement revolution site brings a whole host of handy information into one place, while our ongoing Illuminate initiative enables advisers and their colleagues to reach out to each other, and to industry experts, on this and other challenging topics.

    Alongside the uncertainty, the pension changes bring huge opportunities for advisers; the succession and inheritance planning opportunities using pensions are much magnified, while the new freedoms over drawdown make careful planning essential to deliver long-term income and value for clients.

    Meanwhile, the tax trap awaiting the unwary, where lump sum drawdown attracts tax at a higher than necessary rate, means consumers need advice more than ever. Add in the complexity of the Money Purchase Annual Allowance, and you can see why we at Nucleus feel that the skill and knowledge of our user community will be more in demand than ever.

    Jon is pensions technical manager at Nucleus. Reach Jon at or @Jon_Gwinnett

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