Anglo-South African financial group Old Mutual is set to be a "beneficiary" of the U.K.'s upcoming pension system overhaul, its CEO told CNBC on Thursday.
Britain's Chancellor of the Exchequer George Osborne announced in his March budget that retirees would be offered more investment choices for their savings. In particular, compulsory annuities, which pay out a steady income for life, will be scrapped.
Julian Roberts, CEO of Old Mutual, told CNBC that the company would benefit from the pension reforms because it does not write annuities, but does offer other investment products that pensioners will now be able to tap.
"People don't have to take their money out of their pension schemes and buy annuities and we are one of the beneficiaries of that," Roberts told CNBC.
HIs comments come after FTSE 100-listed Old Mutual posted its first quarter results. It reported gross sales of £6.2 billion ($10.4 billion) for the quarter, up 24 percent from the same period last year.