Legislation: Muddying the waters

The retirement market has evolved rapidly over the past few years, with a variety of new products appearing to meet increasing life expectancy and consumers’ desire for more flexibility and control. But soon a regulatory time bomb, in the form of Solvency II, will muddy the retirement waters. This constant change confirms the need for people to take independent advice, but anyone giving advice needs to be aware of the implications of buying an annuity now or waiting until a later date. The Solvency II rules come into force on 1 January 2013, and are designed to make sure all provid...