Life industry pensions proposals threaten to freeze out the competition

The life industry's alternative to Turner's Pensions Commission proposals will create a cartel of li...

The life industry's alternative to Turner's Pensions Commission proposals will create a cartel of life groups running billions in pension assets with little or no real competitive pressure. Both Turner's proposals and the industry's seem united on one point: fund management groups and intermediaries alike have no place in mass market pension provision of the future. In their vision, such groups bring nothing to the party bar an unwelcome uplift in the cost of the operation. The industry's scheme, under the ABI's banner, proposes the larger life groups will be handed assets by a quasi-go...