Pensions - Articles - Annuities get a new lease of life but the myths still abound


Retirement Advantage is warning that despite the renewed popularity of annuities following the introduction of pension freedoms, out-of-date myths about the product continue to abound. The company is urging people to get professional financial advice before making any decisions about their pensions.

 Andrew Tully, pensions technical director at Retirement Advantage, commented: ‘The pension changes have created huge interest in the market, and companies have responded with new product options. The annuity, the only sure fire bet of a guaranteed lifetime income, has also received a make-over, which has addressed many of the concerns people had about the product.

 ‘However, the message that annuities have changed isn’t well known unless you receive financial advice, which could potentially mean people ignore them because of out-of-date preconceptions. It’s important that retirees are fully aware of the value annuities provide. And it’s vital that everybody receives professional financial advice so they can make the best decisions for their personal circumstances.’

 Retirement Advantage has compiled a list of the top 8 pre-conceptions that those approaching retirement have about annuities:

 

Back to Index


Similar News to this Story

94 percent view State Pension as an entitlement not benefit
Majority of adults aged 66+ say that Triple Lock is affordable and fair to older generations. Around one in seven rely on the State Pension to provide
Fair play off the pitch
Male players in the English Premier League earn an average of more than £3 million per year, while their female counterparts average around £47,000. T
Why Bitcoin matters to Pension Schemes
Back in November 2024, Cartwright Pension Trusts announced its role in facilitating the first-ever UK DB pension trust investment in Bitcoin. With the

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.