The retirement landscape is rapidly evolving. For many clients across the UK, fewer and fewer can count on guaranteed income through defined benefit pensions. The shift to DC means that an increasing number will rely on savings and personal pensions to fund their later life. The decisions clients make at the point of retirement can therefore have long-lasting consequences. The reality is that many of those approaching this key milestone are not aware of the full range of options available to them – or how these options fit with their long-term needs.

New pension freedom has also boosted demand for increased flexibility beyond simply purchasing an annuity, making the need for advice more important than ever. The FCA’ s thematic review of Retirement Income Advice in 2024 highlights increased regulatory interest in the importance of structure and documentation, with the regulator now expecting advisers to define their centralised retirement proposition( CRP).

But when it comes to retirement planning, the FCA has left it up to individual firms to interpret how to achieve these goals.

As the number of retirees grows – with nearly a quarter of the UK population expected to be over 65 by 2040 – so does the demand. Mintel’ s Annuities and Income Drawdown Report published in December last year demonstrated the growing interest in retirement options that combine shorterterm income planning with long-term investing. It found that 57 % of DC pension holders express strong interest for hybrid options that combine different products together.

Through the launch of our Retirement Strategies offering, Brooks Macdonald is seeking to address the evolving needs of clients through an innovative approach to managing income in retirement. With a range of solutions that address different needs, circumstances and levels of complexity, we can help you work with partners via a consultative service that keeps you and your firm on the right side of regulation, from CRP management to risk, and aims to deliver security of income for your clients.

54 | The Adviser