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Are we tech-ready?

This article is part of
Retirement freedoms special report - April 2015

Furthermore, Ms Wells states Phoenix’s current transfer times are an average of less than 10 days.

Are direct-to-consumer platforms any better equipped? Nutmeg has emerged in the post-RDR years as a low-cost investment platform that offers non-advised clients a portfolio tailored to a self-assessed risk profile. It recently launched a pension product focused on the accumulation phase and is now planning a flexi-access product to focus on the decumulation stage.

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Details are still to be announced but Nutmeg’s chief operating officer, Phillip Bungey suggests it aims to cater for retirees living longer, recognising that existing retirement funding options have struggled to keep up with increasing life expectancy. “We see the pension as a growth investment,” he says.

Even for those platforms that do get everything ready, there are likely to be further tweaks necessary. As Bill Vasilieff says, further legislative change is inevitable, “The government will keep meddling with pensions. It’s captive money. They can change the rules any time.”