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Paul McMillan
Paul McMillan, Editor, Retirement Strategy

Another day, another thought-leadership-style report on the future of the retirement market from an insurer/asset manager or bank. Last week, Aviva and HSBC both published reports into the future of the retirement market. Conclusions included a warning that the current financial services landscape is ill-prepared to cope with the increase in future retirees and that many people are in denial about what their retirement will really be like unless they start saving more.

It is easy for a dose of report fatigue to set in, given the number of reports, commissions and responses to Govern-ment consultations that have been published in the last year.

But both reports offer up an number of important debating points for those interested in how the future retirement advice landscape will evolve.

In this month’s issue of Retirement Strategy, Money Marking deputy editor Gregor Watts explores some of these themes, including Aviva’s sensible call for all insurers to be forced to publish their annuity rates and HSBC’s contrast between the future retirement outlooks in developed and developing countries. The raft of commercial reports into the retirement sector speak volumes for the business opportunities that financial institutions see as the baby boomer generation begins to retire. It is also a great opportunity for IFA firms to service the huge numbers of people who will require decent independent advice about their often complicated financial arrangements.

Much of the media noise around the future of the IFA market has understandably focused on concerns about transforming business models and coping with the retail distribution review remuneration rules.

But the growing demand for decent independent advice for those approaching or continuing through retirement is a positive news story for advisers and one they need to make sure they take advantage of.

In this issue, Hornbuckle Mitchell director Mary Stewart discusses the increased potential for scheme pension to be used to satisfy clients’ income requirements, given the decrease in drawdown income limits to 100 per cent of GAD.

Elsewhere, The Retirement Partnership director Billy Burrows covers some of the hot topics discussed at last week’s Money Marketing Retirement Planning summit in Monte Carlo. These include a range of views on the impact of the RDR on retirement advice, with concerns about a growing retirement advice gap set against the oppor-tunities for IFAs who make the transition.

Any comments of suggestions for future issues should be sent to


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