Personal Pension  

More work for IFAs as a result of freedoms

More work for IFAs as a result of freedoms

Advisers will find their services called on increasingly as a result of the incoming pension freedoms, Billy Burrows has said.

The director of consultancy Retirement Intelligence said: “IFAs will find that they can provide a service helping their clients with tax-efficient withdrawals from April onwards.”

He was speaking during a panel session at the inaugural Retirement Review conference in London’s Haberdashers’ Hall.

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Fellow panellist Steve Lewis, head of distribution for LV= Retirement Solutions, said the provider would be ready for the pension changes.

Mr Lewis said: “There is a lot of internal work and preparation that we are doing. As a provider preparing ourselves for the new regulation, let us not underestimate the scale of what we have to handle.”

He said he was not “asking for sympathy but recognition”, adding: “The industry is doing a heck of a lot to be ready, but there will be more to come post-April as well.”

However there was a big concern that even if advisers and some life and pension providers are ready, platforms offering income-based investment solutions will not be ready in time for 6 April.

Richard Romer-Lee, managing director for Square Mile Investment, warned delegates that a lot of the platforms were not ready.

He said: “They do not have the functions to offer a lot of the choice for retirement. I do not think the asset management community is ready. They know the opportunities are coming but they are not really sure how we are going to react to the changes.”