A second A-Day is needed to smooth out the problems and uncertainties A-Day created, says Aspen annuities director Billy Burrows.
Speaking at the Money Marketing Retirement Planning Summit in Nice last week, Burrows said: “A-Day has done nothing for the annuity product, drawdown has remained unchanged and Asps have been tacked on. There is a second A-Day to come.”
Syndaxi Financial Planning managing director Robert Reid called on IFAs to engage more proactively with the Government to bring about change.
He said: “We have to start taking ideas to them and we should not be waiting for them to sort it out.”
Burrows said: “The Government tends to listen to providers and as advisers we need to make our voices heard.”
Hargreaves Lansdown head of pensions research Tom McPhail said: “There are rare windows when the Government will listen to us. We might have to wait for a change of Government before we get the chance to talk to them and be listened to.”
Richard Jacobs Pension & Trustee Services director Richard Jacobs said: “The actual benefits available at retirement really are not too bad but there is a mess on the taxation side. The Government have got to change public feelings about pensions.”