Morten Nilsson comments on Royal London’s warning about pension pot drawdowns

For immediate release 17 August 2017 

Commenting on Royal London’s warning about pension pot drawdowns; Morten Nilsson, CEO, NOW: Pensions, commented:

“The research released this morning highlighted worrying potential future trends as a result of pension freedoms. Royal London stressed that without regulated financial advice, people may suffer a shortfall in their retirement years, having taken too much money from their pots.

“For the average working person, making significant pension drawdowns will not be necessary, and consequently, clear guidance about retirement products is needed. But, for the majority of our customers, who are enrolled into their workplace pension, only contribute the minimum amount, therefore financial advisers are not necessary but it is important that employers are communicating with their employees frequently about any options available to them, that could impact their retirement savings.

“Whilst this will be an issue for some, the warning is only relevant to the top decile of the population who have substantial pension pots and the wealth to afford an adviser.”

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For further information:

Cheriton Lee

NOW: Pensions

Tel: 0203 826 1464

cheriton.lee@nowpensions.com

 

Irene Kyme

Cicero Group

Tel: 0207 343 1600

irene.kyme@cicero-group.com

Notes to editors

NOW: Pensions www.nowpensions.com @nowpensions

NOW: Pensions is one of the UK’s largest workplace pension providers with over a million members and tens of thousands of employers from a wide range of sectors. A company wholly owned by Danish pension scheme ATP; one of Europe’s largest pension funds. NOW: Pensions entered the UK market in 2011 with a simple and cost effective workplace pension designed specifically with the auto enrolment market in mind.

Our broker recommended NOW: Pensions, as they believed it would be our best option. We have not been disappointed, the NOW: Pensions customer support teams are great and always available. — Bromborough Paint & Building Supplies Ltd
I am backing NOW: Pensions, the ATP project, because I believe it will encourage transparency, low costs and decent returns for millions of British employees. — Nigel Waterson, former Shadow Pensions Minister
There is a need for a member-centric solution designed for ease of use with low costs and cutting edge investment strategy, which delivers long term stable returns. ATP's in-house investment capabilities, combined with our novel and innovative… — Lars Rohde, Governor of the National Bank of Denmark and Former CEO of ATP Group
I've known ATP for many years and have enormous respect for the effectiveness of their investment strategy. I'm convinced that NOW: Pensions can become a major player in the UK and look forward to being a part of that success. — Chris Daykin, the former Government Actuary
NOW: Pensions has a good technical infrastructure combined with a pension product suitable for our team. We couldn’t be happier with NOW: Pensions. — Martin Woods, SALT.agency