Storm brewing over UK pensions
There is a crisis brewing in the retirement income market where there is a lot of freedom but little choice, according to a study published Monday. The Pensions Institute report has painted a bleak picture of a pensions industry with reforms and rapid market changes conspiring to reduce choice for consumers. Pensions Freedoms allow those over 55 to withdraw funds but there has been a dearth of new products that offer flexibility and guaranteed income.
The industry is also struggling to adapt to regulatory and technological change, according to the Pensions Institute report at Cass Business School.
The research paper is entitled: 'The Meaning of Life 2: The UK life company business model in the context of dramatic changes to the political landscape and the investment and private-sector pensions market.
The report updates the findings of the Pensions Institute's November 2015 investigation into the UK's life company business model. Please link to International Adviser to read the full article by Will Grahame-Clarke.