Defaqto says advisers’ clients are increasingly looking at more flexible savings and investment vehicles, such as SIPPs and ISAs, while traditional personal pension products see their popularity wane.
A survey of 500 IFAs found just 37% felt pre-retirement savings were the products they advise on the most, down from 52% in 2008.
A far greater number were giving equal weight to post-retirement income products, up 45% from 33%, while 18% were now biased towards these products, up from 16%.
Defaqto says poor economic conditions and changing demographics have caused a decline in popularity for retirement savings. The increasing attractiveness of ISAs has also provided considerable competition to the traditional personal pension, it adds.
Personal pensions remain the top retirement planning product recommended by advisers, though its place is slipping, with 67% of advisers saying it was an important area in 2009, down from 72% a year ago.