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Centre for Policy on Ageing | |
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Freedom and choice in pensions
— risks and opportunities | | Author(s) | Ben Franklin |
| Corporate Author | International Longevity Centre UK - ILC-UK |
| Publisher | International Longevity Centre UK - ILC-UK, London, June 2014 |
| Pages | 25 pp |
| Source | ILC-UK, 11 Tufton Street, London SW1P 3QB. Download: http://www.ilcuk.org.uk/index.php/publications/pub... |
| Keywords | Pensions ; Consumer choice ; Social policy. |
| Annotation | The most sweeping pension reform by the Coalition Government has been the end of the effective requirement to annuitise for a large number of people. ILC-UK analyses the removal of the effective requirement to annuitise that was announced in the 2014 Budget. Following a detailed exploration of many of the factors likely to determine the choices that people could make at the point of retirement, this report argues that a number of issues need to be resolved in order to minimise the risks associated with the new freedoms. The financial services industry has been set a significant challenge to develop new products and services that will meet the retirement income needs of individuals throughout the duration of retirement, while continuing to demonstrate the value of more traditional product offerings. Questions remain about the financial viability of providing advice to those with moderate sized pension pots, and the capability of the advice industry to be able to do this on a large scale. The financial services industry, the Government and regulators must quickly decide how this can be delivered if we are to close the advice gap which threatens to exacerbate many of the risks associated with the new pension freedoms. (RH). |
| Accession Number | CPA-150710007 P |
| Classmark | JJ: WYC: TM2 * |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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