Fidelity Worldwide Investment, one of the world’s leading investment firms, has today announced the expansion of its UK business with the launch of a full Retirement Service for individuals, advisers and employers.
Launched in response to the immediate need for expert help and guidance following the revolutionary changes to pension rules announced in March, Fidelity’s Retirement Service is designed to help people get the most out of their retirement savings, and help advisers and employers guide their clients and employees to the best retirement outcome right now.
James Burton, UK Managing Director at Fidelity Worldwide Investment, and previously responsible for the retirement business of Fidelity Investments Personal Investing in the US, said: “We applaud the announcement by the Government giving people greater freedom and control over their pensions but recognise they need help now. We are not waiting for the Treasury’s changes to come into effect or for any Guidance Guarantee to be delivered. Many people are confused about their options and the significant drop in annuity purchases since March shows us that around 150,000 of those heading into retirement now, and who were about to buy an annuity this year, are in limbo.”
Fidelity’s own research also shows that while people welcome the changes, over 50% of those on track to retire between April 2015 and March 2016 don’t understand the new rules, which is a concern when the majority say they are minded to make new choices for their retirement income next year, and fewer than 20% expect to buy an annuity only.
James Burton added: “A significant number of retirees are unsure of how to navigate one of the most important decisions of their lives; they know they want to make new choices but clearly need immediate help. This is why we have launched our Retirement Service now to help put these people, their advisers and employers in control so they can make the most of their retirement options in the run up to and in the new world of pension freedom.”
Launched today, Fidelity’s Retirement Service offers access to a wide range of retirement income options, including whole of market annuities, pension drawdown and leading income generating investments. This is supported by help and guidance both online and on the phone, in the form of information, tools and guides to help self-directed customers, as well as advisers and employers, navigate the full range of choices available to them now and from next April.
Fidelity’s Retirement Service builds on the experience Fidelity already has in the UK where it supports 1.1 million individuals with long-term savings, investments and pensions, either directly or through their employer or adviser, as well as globally where it has a presence in many established retirement savings markets. It has also drawn upon the experience and expertise of Fidelity Investments in the US, a separate company which shares a common heritage with Fidelity Worldwide Investment, supporting around 20 million individuals and institutions with their retirement and investing needs.
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