Turning insights into outcomes

Helping advisers make sense of retirement, from first questions to evidencing outcomes

Recent changes to the treatment of pensions for inheritance tax are prompting financial advisers and clients alike to revisit long-held assumptions about how retirement wealth should be accumulated, accessed and passed on. For many, these changes feel fundamental.

And yet, as one experienced adviser reflected, “I was around when pension simplification came out and you could say the same. The landscape around retirement planning is dynamic, and it always has been.” While the rules, incentives and wrappers continue to evolve, the underlying principles of good retirement planning have not disappeared. What has changed is the context in which decisions are being made, now more complex, noisier and emotionally charged than ever.

Clients are arriving at retirement with greater responsibility for their financial outcomes, but less clarity about what good decisions look like. Many initiate contact with an adviser with a narrow question about a pension or a tax change, while underneath sits a much bigger set of concerns: Can I afford to stop working? What will my life look like? What if I get this wrong?

For advisers, this creates both pressure and opportunity. Pressure, because regulatory expectations around evidencing outcomes, managing risk to income and demonstrating value are rising. Opportunity, because advisers are increasingly valued not just as technical experts, but as interpreters, guides and stabilising influences at a major life transition.

This research, based on surveys of advisers and advised clients alongside in-depth qualitative interviews, explores how retirement advice is evolving in practice, and what this means for firms seeking to deliver consistent, confident and human-centred retirement outcomes in a changing landscape.

How to use this report

This report follows the five stages of the retirement advice process, from first client questions through to evidencing outcomes. You can read it end to end or jump straight to the sections and charts most relevant to your work.

We apply a BETTER retirement lens throughout this report -shorthand for behaviour, expectations, transition, tools, evidence and risk, factors that underpin good outcomes in retirement. Each section includes actionable takeaways mapped to the BETTER elements.

Methodology

• A digital survey of 207 financial advisers conducted in November 2025.

• A digital survey of 260 consumers of financial advice (aged 55+ with a minimum of £100,000 of investable assets) run during November 2025.

• Qualitative research based on 11 interviews with financial advisers and planners representing a range of firm sizes and operating models, conducted between 5 November 2025 and 11 December 2025.

• Comparative historical data from digital surveys of financial advisers conducted in 2019, 2020, 2021 and 2024, and a consumer survey in 2024. Trend analysis is presented only when questions were asked consistently and directly comparable. For this reason, historical comparisons are shown for 2019-2021 and 2024 only. Where relevant, the sample size for each survey wave is stated within the report.

To download a copy of the full report, complete the form to the right.

Have a question? Or fancy a chat about the research – get in touch at enquiries@nextwealth.co.uk.

NextWealth & BNY Investments. 2026. Retirement Advice in the UK 2026. https://nextwealth.co.uk/research/retirement-advice-in-the-uk-2026/