This campaign for change has two important aims -, to encourage retirees to consider all their options at this crucial stage of their lives and to help advisers position themselves to grasp the significant opportunities of offering retirement solutions, not just at retirement but also through retirement.
Following the distribution of video messages to the leaders of the top 200 adviser businesses, many of the industry’s big hitters are beginning to lend their support. Among the quick responses, was one from Aifa head Chris Cummings, expressing his frustration at the lack of success of the open market option and support for far-reaching reforms.
Too many retirees are unaware of the range of options available to help deal with complex considerations on longevity and health and too few exercise their right to shop around for the most suitable plan. Lifetime annuities are an important part of the jigsaw but no retiree should be given the impression they are the whole picture.
So far, initiatives to improve take up of the open market option have failed to deliver sufficient change – they are tinkering at the edges of an issue that impacts on nearly half a million people each year.
We believe the level of response and the early feedback point to a clear need for an industrywide working group/forum promoting change at the highest levels. But we need the fullest possible support of all in the financial advice and retirement industries. Sitting back and accepting the status quo will only prolong a problem that can easily be improved and ultimately solved.
The industry has the potential to make a positive impact but it needs to focus harder on getting its message understood and reducing bureaucracy. Joining forces and lobbying for change together can help turn the huge potential for improvement into a reality for all our benefits.
Managing director sales & marketing, Living Time
Supporters can find out more and register their interest on the campaign website at www.offermoreoptions.co.uk Living Time has also promised to meet with firms and IFAs who support the campaign to gather a wide range of views on how reform can be pushed through to benefit the industry and the consumer.