Nigel Speirs, Head of Distribution at Sanlam UK, said:
“To me the changes in pension legislation say one thing and one thing only to the end consumer – “It’s your money” – and that’s a great thing. The rules of the past were old fashioned and too restrictive. Pensions are again an attractive long term savings vehicle and, just like ISAs, should offer customers access to their money when they require it.
"Moreover, the new rules will offer financial advisers huge opportunity for ongoing engagement with their clients beyond retirement. The need to remain invested will only result in the need for continued advice and the delivery of value.”
"We think that annuities do still have a role to play in retirement income provision but more for later on in life rather than 'at retirement'."
Lukas van der Walt, Sanlam UK CEO, said:
“It is not only the pension landscape which is changing. It is also our perception of what retirement means, our likely experience and our requirements. As an industry we learn greater empathy and understanding of what our clients need and want from us and our products and services need to change to reflect that. As Sanlam we want to be at the forefront of that movement.”
Nick Parry, Head of Sanlam Investments & Pensions, added:
“Pensions have become fashionable again, perhaps even “cool”; not only as a means of planning and funding retirement but now also as a vehicle for the creation of tax-efficient inter-generational wealth. The 2014 budget has provided the impetus for tremendous innovation amongst the providers of wealth management solutions and the benefits of this will be felt, we believe, for generations to come.”
