More than a quarter of people in their 50s do not understand the retirement options available to them when they hit 55.

That is according to fresh research carried out by Fidelity.

The survey results, which have been announced ahead of April’s five-year anniversary of the introduction of pension freedoms, revealed that 26 per cent of people admitted to not fully understanding what retirement options were there for them when they reached the age of 55 and could access their pension pots.

The survey also revealed:

• 15 per cent thought poor decision making could be avoided by the introduction of compulsory consultation with a financial adviser.
• Almost a quarter of people asked (24 per cent) had not altered their retirement plans in the wake of the reforms.
• More than a quarter (26 per cent) believed that the pension freedom reforms were a positive step but that more education is needed.
• One in four people (25 per cent) of those in their 50s thought pension freedoms had encouraged too many people to take their money as a lump sum and risk their future income, now that annuity purchases are not required.
• Almost a third (31 per cent) of those people in their 50s believed that it was right to have control over their money.

Here at Lifetime our retirement specialists work in tandem with the financial planners to give you an accurate picture of what you need to do to achieve your plans and will give you advice on your best course of action before, during and at retirement. Telephone us at 01226 208600 or email [email protected]