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From the coalface....
wallpaperman
Posts: 86 Forumite
Well, what an interesting morning for someone who works for a Pension provider. 
Not just that, but I specifically spend my day settling retirements, doing retirement quotations, among other things.
Senior Management at our company (and I'm sure all other pension providers) are currently meeting to decide how to approach this, and how we respond to customers, this has obviously caught absolutely everyone on the hop.
We've not been inundated with queries yet from customers, but we are sure this will come. We have already had calls from customers wanting to reverse recently settled policies, which they may be able to do if within the cooling-off period.
I think the most disturbing thing is how the chancellor is introducing some of these changes immediately. Pension companies are already having to allocate massive IT resource to auto enrollment at the moment, but all of a sudden there are these historic changes which will have huge IT implications, some of which are coming in next week. Nice one George.
Not just that, but I specifically spend my day settling retirements, doing retirement quotations, among other things.
Senior Management at our company (and I'm sure all other pension providers) are currently meeting to decide how to approach this, and how we respond to customers, this has obviously caught absolutely everyone on the hop.
We've not been inundated with queries yet from customers, but we are sure this will come. We have already had calls from customers wanting to reverse recently settled policies, which they may be able to do if within the cooling-off period.
I think the most disturbing thing is how the chancellor is introducing some of these changes immediately. Pension companies are already having to allocate massive IT resource to auto enrollment at the moment, but all of a sudden there are these historic changes which will have huge IT implications, some of which are coming in next week. Nice one George.
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Comments
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It's one of the reasons why I can't see the changes going through as planned in April 2015. There are massive systems issues to resolve before it can be facilitated for the mass market; it's not just a case of pushing a couple of buttons.
Many providers do not permit phased or flexible drawdown under current legislation, even when they are set up for SIPP decumulation.I work for a financial services intermediary specialising in the at-retirement market. I am not a financial adviser, and any comments represent my opinion only and should not be construed as advice or a recommendation0 -
But, but, but .. the Election is in May 2015. Get yer skates on.Free the dunston one next time too.0
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