Wider choice means greater responsibility

pensions

A-Day changes and the rise of open architecture platforms mean that advisers will increasingly buy pensions in a wrap rather than directly from a provider, but there will also be the additional responsibility of choosing the underlying investments

One of the most far-reaching changes in the industry in recent years has been the widespread adoption of open architecture, mainly through life company fund links and fund supermarkets. However, one of the key elements missing until now has been pensions. This is not surprising since the traditional life offices have dominated the pensions market. Most pension products have also been contractual, so that they have generally been unavailable through platforms and almost impossible to consolidate without terminating the contract - an action which may have financial penalties for the client...