One in five advisers believe the 'pensions crisis' has got worse since the introduction of pensions simplification in April last year.
A survey by Investec Private Bank reveals 21% of respondents say the A-day changes, which saw eight pension tax regimes become one, has made the pensions crisis, while 35% say the changes have made no impact whatsoever.
In addition, the survey of 215 advisers, conducted by George Street Research on behalf of Investec, reveals just 15% believe the pensions crisis is improving because of A-Day, while 20% think A-Day had no impact but may do in the future.
The findings also revealed more than a third - 38% - of financial advisers have seen an increase in pension business since ‘A Day’, with almost half of these claiming to have seen their pension business grow by between 11% and 20%.
Although just 2% of advisers say A-Day has increased their business by more than 50%, while 1% have seen a change of less than 5% in the pensions sector, and 32% say their pension workload has grown between 5-10%.
Linda McBain, head of banking and treasury at Investec Private Bank, says: “Our research shows the majority of pension advisers believe the regulatory changes from A-Day have done little to improve the current pension crisis. One year on it’s apparent that the government and the pensions industry as a whole still have more to do to make personal pensions more appealing to consumers.”
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