IFAs adjust pension planning strategies post-Autumn Budget – Standard Life
Two thirds (69%) of IFAs have advised clients to increase their retirement income withdrawals.
Following the 2024 Autumn Budget, 82% of independent financial advisers (IFAs) have re-evaluated the role of pensions in client planning, according to research from Standard Life.
With Inheritance Tax changes set to include pensions from 2027, advisers are adjusting their strategies.
Two thirds (69%) of IFAs have advised clients to increase their retirement income withdrawals.
Over 43% of them recommended an increase of 5% or more, while 74% have reconsidered the role of annuities, and 27% have suggested more annuity purchases.
Annuity premiums quoted has risen by 14% post-Budget, reflecting strong demand.
In addition, annuity sales has increased by 24% in 2024, with figures reaching £7bn.
This rise is supported by steady annuity rates, which rose 2.5% between January and September 2024, according to Standard Life’s annuity rate tracker.
However, some uncertainty remains, with 62% of IFAs expecting further changes to pension allowances or tax rules in upcoming fiscal announcements.
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