Banks stopped giving investment and pensions advice to any but their best-heeled clients when regulation became too costly and complicated to cater for the unwashed, now unadvised. Clients of the workplace pensions’ business that Lloyds has bought will generally those who might have been nabbed and sold something on a visit to a bank branch in years gone by but wouldn’t think of speaking to an IFA. I’d guess that Lloyds is hoping they can flog them more stuff without having to give advice (and so take responsibility). Or am I being too cynical? Answers on a cheque book stub, if you can find one…
“Save £460 a month in your twenties to become ‘pension millionaire’”
I’m sure the first reaction of most will be ‘easier said than done’. If you’re in you, or more likely given my target audience, your offspring are in your or their twenties, every penny of that mythical £460 a month is likely to be needed.
