Battleground for pensions advice heats up as targeted support approaches
As demand for pensions advice grows, DIY platforms and traditional advisers compete to serve a widening advice gap
By Boring Money
8 Oct, 2025
Boring Money’s Pensions Report 2025 confirms a growing need for pensions advice, which is not being met by traditional financial advice alone.
44% of UK adults with pensions of £200,000 and above have accessed financial advice in the last 12 months, up from 32% in the previous year
42% of UK adults earning in excess of £100,000 a year currently receive financial advice.
Low confidence and uncertainty remain widespread. Current rumours about the Budget and potential tax reform are driving consumer uncertainty amongst more affluent consumers. The three biggest questions which those holding more than £250,000 in a pension have relate to tax efficiency, tax-free cash and government policy.
Understanding of key concepts, including tax relief, remains low across all wealth brackets. 4 in 10 higher-rate taxpayers earning between £50,000 and £70,000 aren’t aware of government tax relief on pension contributions.
Boring Money CEO Holly Mackay comments, “Unsurprisingly, people have concerns and they have questions. 4 in 10 non-advised private pension holders at the point of retirement are thinking about getting financial advice to help them wade through the noise. But of course, the reality is that many of them won’t have sufficient assets to be a viable prospect for advisers.”
She continues, “This need for advice presents a real threat and an opportunity for the DIY platforms. Currently, 1 in 5 of all pension holders over 55 who consolidate do so with a financial adviser. Advice – whether this is targeted support or holistic financial advice – is likely to be the next big battleground for DIY platforms who are currently losing too many large pension accounts to traditional advice firms as their customers approach retirement.”
Boring Money’s Advice Report, published earlier this year, reported the consumer ‘sweet spot’ for Targeted Support was helping adults aged 35-55 with up to £100,000 in assets. Above this level, people are more likely to want to speak to an individual about their personal situation.
