I completely understand why this has been done and agree fully that an alternative to poor performing annuities needed to be found but am I alone in thinking this is a bit scary? (I know I'm not because I heard a Labour politician saying it but I thought it first!)
It was my first comment to Dh when we were watching the news. We know that legislation/incentives are required to "force" people to save for their retirement. If those same people are given a large lump sum the day they/we retire, what % do you think will still have funds to live on, should they live another 30/40 years?
How many of the general public have the skills/knowledge to invest it safely and ensure their income keeps place with inflation, especially bearing in mind that very many will live several decades after retiring?
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Your whole pension pot is yours the day you retire
55 replies
Technical · 20/03/2014 14:19
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