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Richard Parkin, Head of UK Retirement at BNY Investments, explains how a structured Natural Income strategy, like BNY’s Multi-Asset Income Fund, provides a modern, reliable solution for retirement income that supports advisers in delivering sustainable, predictable outcomes amid changing client needs and regulatory expectations. This article was originally published in IFA Magazine and authored by Sue Whitbread.

UK households are saving more of their disposable income, but those savings are not finding a productive home, with consequences for both retirement prospects and the UK economy. Supporting consumers on the saver to investor journey could create a transformative virtuous circle.

The wealthier and better-prepared end of Generation X is starting to retire. This cohort may accelerate a shift in retirement patterns driven by government action, changing attitudes, economic necessity and evolving patterns of wealth. As a result, advisers are adapting, bringing greater flexibility into their retirement models.

We look at how firms are responding to the FCA’s thematic review of retirement income advice and consider potential actions to meet the growing demand for their services.

The Budget was never likely to bring good news, with the incoming government warning ominously of ‘black holes’. A range of likely changes were trailed, including a potential rise in capital gains tax, inheritance tax changes and changes around the pension rules. While some of the more drastic measures failed to materialise, including unused pensions in inheritance tax will have profound effects on retirement advice.