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‘New A-Day needed is to iron out problems’

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.”

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