More recently, the ABI revealed their research** showing only one-third of retirement savers who are utilising new pension freedoms in order to access their pension savings are taking independent financial advice before doing so. This should be a cause for significant concern as, alongside real estate property, a pension is often the most valuable asset owned by the over 55s.
In an official ABI press release, the organisation’s Director of Long-Terms Savings Policy, Yvonne Braun, commented, “Pension freedoms gave consumers many more options and flexibility in their retirement, but with greater choice comes greater risks. To see levels of advice hitting new lows is disturbing and risks leaving thousands of elderly consumers facing poverty later on in their retirement.” ***
Braun went on to say that new problems require new solutions, and the ABI sees the empowerment of consumers to make the right decisions as a priority. Hence, the ABI has published two documents focused on raising awareness: awareness of pre-retirement risk warnings at certain ages and communication techniques for employers and pension providers
Saving on financial advice likely to prove a false economy
The ABI found that around 62,000 savers withdrew cash (via drawdown) from their pensions for the first time during a six-month period in 2018; however, given that 34%** did this without taking any financial advice many of these consumers could unwittingly be jeopardising their retirement plans.
It is thought that a large proportion of pension savers forego advice because of a perception that it might prove prohibitively costly. This is likely to prove a false economy. The ABI reports that the average pension pot size reached a record high last year of £120,000**; if savers are to ensure they have sufficient cash flow in retirement, they are likely to be best-served by ensuring they have the guidance of a regulated and independent financial adviser in relation to the management of their pension fund.
Blacktower Financial Management, for Expat Retirement Transfers
Blacktower Financial Management works for its expat clients from offices right across Europe, including in Sweden, Germany and the Netherlands.
Our advisers can help with the full spectrum of cross-border wealth management concerns, including pensions. If you would like to consider the possibility of an expat retirement transfer and to evaluate whether a QROPS or SIPP is suitable for your circumstances, contact us today for more information.
* FCA FAMR interim consumer research report https://www.fca.org.uk/publication/research/famr-interim-consumer-research-report-2018.pdf Accessed 14-06-19
**Analysis based on ABI six-monthly retirement income data collected from members.
*** https://www.abi.org.uk/news/news-articles/2019/05/tens-of-thousands-entering-retirement-without-ever-taking-advice-each-year-abi-warns/ Accessed 14/06/19
Following the news that no new buyer was interested in BHS and its £571 million pension deficit, a number of our clients with a working history in BHS got in touch with us to find out their position and options with regards to their future pensions. Unfortunately, it was too late as the window had closed. The BHS scheme got into the Pension Protection Fund, a statutory fund in the U.K., intended to protect pensioners if their 
Over the years, the trend for South African nationals to seek out new lives and experiences in Portugal has continued to grow and grow; I myself made the move back in 1988 as a fresh-faced economics graduate from Witswatersrand University in Johannesburg, and I’ve never looked back. It’s easy to see the appeal for South Africans – the year-round sunshine and vast expanses of Atlantic coastline are a familiar part of daily life, just as they are back home – but the secure location and easy access to the rest of Europe is something really special. Being as there’s over 11,000 KM of distance between the two countries, a mere 12 hrs by plane give or take, there are going to be some big differences in the way of life, even if there are those obvious similarities. It’s probably advisable for any emigrant to arrive armed with a willingness to accept how things are done in their new home country rather than try to carry on as before and hope for the best. This is never more true than when dealing with your finances.