In the age of the internet, you can DIY pretty much anything. It will tell you how to fix your electrics or plumbing. You can book a holiday,, service a car old enough not to require the attachment of a laptop – and, of course, invest and advise yourself financially.
Deciding how to take benefits from a pension is a tad more complicated than changing a headlight bulb or even using an ISA allowance. Yet only around 30% accessing their pensions use a financial adviser, and that includes those taking an annuity, which, once done, cannot be undone.
If your pots are small, you might argue that it’s not worth paying for advice but it’s not just those with not much who are going it alone. Many are taking drawdown at levels which mean their funds will run out well before they do or cashing-in altogether and paying big chunks of tax.
Some will know what they’re doing but many will not. It has to be worth a ‘phone call rather than just a visit to Dr. Google.
