Hargreaves unveils low-cost pension planning service to 'fill advice gap'

Hargreaves Lansdown has launched a low-cost retirement planning service aimed at filling the advice gap between Pension Wise and regulated financial advice.

The HL Retirement Planning Service, which charges a flat fee of £395 plus VAT, could service 120,000 a year as the demand for advice post-pensions freedom increases, the firm said. Hargreaves said the operation "is an advisory service but stops short of providing specific, personal recommendations". Head of pensions research Tom McPhail (pictured) said: "The pension freedoms have fundamentally changed the pension system, overturning many established conventions around how and when investors draw on their retirement savings. "The Pension Wise service provides investors with an inval...