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14-May-08 11:15 [Pensions]
Up to 10m people not receiving pensions advice A new survey has revealed that a shortage of independent financial advisers (IFAs) qualified to do their job will see over ten million people auto-enrolled into personal accounts without being given sufficient advice.
Research on the Scottish Life Beehive website revealed that out of 277 IFAs questioned 16 per cent felt that they could deal with over 150 clients at a time, the FT Adviser reports.
Around 40 per cent of respondents admitted they could not manage more than 100 clients.
Steve Bee, Scottish Life pensions strategy chief, told the newspaper that many people stand to lose out.
"There are 29 million people in the UK workforce right now and as many as ten million of them are likely to be auto-enrolled into the personal accounts scheme without the protection of generic advice," he stated.
Figures from unbiased.co.uk reveal that 47,454 people requested independent financial advice concerning their pensions in the first quarter of 2008.
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