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FCA annuity review: will trustees need to fill the information gap?
17th December 2014
Jonathan Watts-Lay, Director, WEALTH at work comments in Professional Pensions on the need for trustees to provide understanding on the range of retirement income options available.
“There are two issues here,” Jonathan Watts-Lay says. “One is with contract based schemes where we need to get insurers to change their practices so that people understand their options. The other is the trust based world where many trustees still don’t feel they have an obligation to help employees at retirement. I’m not sure many of them are doing a lot about it at the moment despite the fact that The Pensions Regulator has said there is a responsibility on trustees to put a good retirement process in place.”
Jonathan Watts-Lay adds “Some of these broking panels may have a restricted panel in place where none of the providers even offer enhanced annuities – that will cause big issues,” he says. “The fact is in this new retirement income world it is not enough just to offer annuities either. People need to understand a range of retirement income options and until that happens they just won’t know what it the right route for them.”
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