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Roundtable: annuities in crisis
6th March 2013
Jonathan Watts-Lay, Director, WEALTH at work recently attended a Pensions World roundtable to discuss the crisis in annuities and retirement income options.
Speaking about the arrival of auto-enrolment and the prospect that millions of individuals will be faced with buying an annuity for the first time, Watts-Lay discussed the options that employees have at retirement. Watts-Lay comments “In the defined contribution (DC) world, that largely means annuities, though some will have access to drawdown. There is a lack of awareness among employees about the options and what is right for them as individuals. In the past, many people have been in final salary schemes where there is no decision to be made, except what to do about your tax free lump sum. Usually in DC it involves a number of decisions rather than one decision, which overlays another level of confusion.”
Please see Pensions World to learn more.
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