Scottish Life is predicting the emergence of a new pension product to mop up the “mishmash” of existing schemes after the introduction of stakeholder.
Speaking at one of ScotLife's roadshows, CP61 Rev isited, head of pension strategy Steve Bee said employers will want an overriding product to tidy up all their existing pension schemes.
He said employers will need solutions to their pension problems rather than just buying another product, which will lead them towards advice, and he predicted the DSS handbook on stakeholder will be the best form of advertisement for IFAs. He said the handbook will cause employer confusion over exemptions.
Bee said: “The market will shift into an environment where employers will have a mishmash of pensions and IFAs are the only people able to tidy up and put them into one.”