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Platform change
4th February 2015
Jonathan Watts-Lay, Director, WEALTH at work, sits down with Pensions World to discuss the changes in the pensions market and how it could direct more employers towards platform structures to manage their responsibilities.
Jonathan Watts-Lay says: “We believe in advice, whether it is face to face or over the phone, many people use a broker and pay as much for getting no advice, or have bought an annuity and got the wrong product. This could get worse with drawdown.”
Jonathan Watts-Lay continues, “if you don’t agree with it, you can throw it away, and we can do it on an ongoing basis, so we can review the position in a couple of years at the member’s discretion.”
Many companies are very cynical about the value of the guidance guarantee, says Jonathan Watts-Lay, and he believes the opportunity to receive advice without committing to the cost will prove appealing to those who may be new to such a relationship.
“Otherwise,” he says, “there is a very real chance that those offering guidance will simply send people back to the pension department and they will end up being bounced around.”
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