John Moret, marketing director for Suffolk Life, has warned pension providers with cumbersome legacy issues they may fail to cope with the raft of legislative changes over the coming year and face challenges from new players.
He says the coalition government's timetable to change pension tax relief and annuitisation rules are ‘ambitious' and could leave providers struggling to keep up. This could provide a window for new players to the pensions market to fill the gap. "Draft legislation is unlikely to be available until well into Q4 2010 leaving fewer than six months to the implementation date and there might still be further changes as the legislation is refined," says Moret. "The industry's track record on accommodating significant legislative changes is not great and I am sure there will be some provide...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
