Advisory firms will expand while advisers who have left the industry may return to cope with an expected rising demand for retirement advice from April, pensions minister Steve Webb has said.
Webb said some retirees would have held off making a decision about their income until the reforms announced at Budget 2014 arrive in three months' time, creating an impending demand for advice. The pensions minister was speaking in front of the Work and Pensions Committee on 12 January on progress with auto-enrolment and the wider pension reforms. In March last year, Chancellor George Osborne announced a raft of measures designed to give retirees greater freedom over how they can access and spend their savings. The changes effectively removed the need to buy an annuity. Webb said ...
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