The changes to pension provision announced in the Budget are far reaching. But in order to access a fragmented pensions market, advisers need to give equal importance to the underlying solution, as well as the method of delivery according to Harry Kerr.
The opening up of the pensions market next April will arguably be the biggest revolution to hit the retirement industry since the introduction of personal pensions in the 1980s. There will be winners and losers, with the immediate casualty set to be the annuities market, currently worth about £12bn per year according to the Association of British Insurers. While it is unclear yet as to who is set to benefit the most from the flow of money that will come from this new-found pensions freedom, the funds industry looks like edging it at the moment (though no one should be lulled into thin...
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