Later-life sector responds to pension changes

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Later-life sector responds to pension changes

The Society of Later Life Advisers has teamed up with Octopus Investments to boost its membership to 1,000 by 2016 and deliver a robust framework for later-life advice.

Under the arrangement, Octopus Investments has become a strategic partner of Solla Enterprises Limited - a commercial entity that sits alongside Solla.

According to Tish Hanifan, founder and co-chairman of Solla, the partnership – the first of several in the pipeline – will help the not-for-profit organisation respond to the challenges presented to the later-life sector by the pension freedoms and Care Act.

She said: “By securing this partnership the brand will be able to accelerate its support to the growing later-life market. The legislative developments demand a step change by the organisation.”

As part of the agreement with the tax-efficient planning solutions provider, Paul Latham, managing director of Octopus Investments, will become a member of the Solla Enterprises board, joining executive directors Ms Hanifan and Jane Finnerty and non-executive director John Prout.

Ms Finnerty said the society was on track to achieve 1,000 accredited members during 2016. It also plans to introduce an At Retirement Standard to reflect guidance and advice responsibilities under both the Care Act 2014 and recent pensions changes.

Mr Latham said: “The recent far-reaching changes to pensions mean that there is now a more pressing need than ever for those approaching and already in retirement to seek financial advice about the options available to them.”

Set up in 2009, Solla, which is not-for-profit, focuses on the financial needs of older and disabled people, informing and linking consumers with financial advisers.

Further marketing partnerships are expected to be announced in 2015.

Adviser View

Brian Tabor, financial planner at Hertfordshire-based Carematters, said: “Octopus is a leading provider and a reputable organisation. The surprise is that Solla, which is independent, is getting into bed with providers, so that needs to be considered.

“I guess it depends on the relationship in terms of Solla and whether this implies that Octopus’s schemes meet with Solla’s approval. Attention will need to be placed on the commercial relationship that may or may not exist.

“If the partnership generates more support from Octopus, this will not impinge on Solla’s position. A commercial relationship, however, would be a diversion from the society’s current independent position in the marketplace as advocates for later life clients.”

This article has been amended to reflect that Solla is a membership organisation, not a trade body.