THE life and pensions industry which is a big employer in Scotland will find profits coming under pressure this year amid sweeping reforms experts have warned. The Item Club sponsored by the EY accountancy firm said growth in profits will slow in 2015 following a strong performance last year as firms grapple with big changes to the pensions market. These include reforms under which people can dip into some pension pots early. Mark Robertson, UK Head of Insurance at EY, said: “The pensions market continues in a state of flux, as the reforms are digested and implemented. The latest concern is that the level of change the British public has to contend with might cause them to lose faith in pension products, and become disengaged from long-term saving.”
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