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.

I firmly believe in NOW: Pensions' principle that everyone deserves the right to a better retirement. I look forward to being part of the team which aims to achieve this in the UK. — Win Robbins, former Head of European Fixed Income Barclays Global Investors
…We pride ourselves on our abilities to make the perfect match for both clients and workers. Our decision to appoint NOW: Pensions came as a result of wanting a quality workplace pension scheme that is structured, simple and easy for us to… — Ian Naylor, Legal Director of Randstad
...its simple design means the pressure is taken off us as the employer and avoids costly administration charges, whilst removing the burden of choice and ensuring the best possible retirement outcome for our employees. — Matthew Johnson, Head of Compensation and Benefits at Adecco Group UK & Ireland
NOW: Pensions' risk management and diversified growth fund are state of the art. — Win Robbins, former Head of European Fixed Income Barclays Global Investors
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