Almost half of IFAs experienced an increase in client enquiries following Budget pension bombshell

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• 45% of IFAs reported increase in enquiries – rising to 58% among those with an average client portfolio of £200k+
• IFAs expect, on average, 13% of clients will need to update pension planning due to changes
• Standard Life’s research highlights important role advisers need to play as clients seek clarity

Following the raft of pension changes announced in the March Budget, including the lifetime allowance removal bombshell, almost half (45%) of financial advisers experienced an increase in enquiries from clients.

Standard Life, part of Phoenix Group, research among 203 IFAs showed that those who have clients with large portfolios had received more enquiries. Almost three in five (58%) IFAs with an average client portfolio of £200,000 + said they’ve had an uptick in contact from clients.

However, despite such inflated levels of enquiries, IFAs believe, on average, only 13% of their clients will need to update their pension planning because of the Budget changes. This rises to 15% among those who have an average client portfolio of £200,000+.

Chris Hudson, Retail Advised Managing Director at Standard Life, commented: “The pension announcements in this year’s Budget took most people by surprise, particularly the scrapping of the lifetime allowance, leading to frenzy among advisers and clients alike. Clients have clearly been scrambling for clarity around what this means for their finances and financial planning, and have been looking for support from advisers to guide them through. While advisers only expect a small proportion of their most affluent clients to be affected, many will still be seeking advice for their situation, especially as it looks like measures around the lifetime allowance could be reversed if this Government loses power.”

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Notes to editors:

Opinium conducted research among 203 Independent Financial Advisers from 31st March to 4th April 2023

About Standard Life

• Standard Life is a brand that has been trusted to look after peoples' life savings for nearly 200 years
• Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers' pension scheme.
• Standard Life is part of Phoenix Group, the largest long-term savings and retirement business in the UK. We're proud to be building on nearly 200 years of Standard Life heritage together
• Our products include a variety of Pensions, Bonds and Retirement options to suit people's needs, helping our customers to invest and save for their future. We're proud to offer a leading range of sustainable and responsible investment options.
• We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about
• The value of investments can go down as well as up and may be worth less than originally invested.