Pensions expert Stuart Price, Partner and Actuary at Quantum Advisory, comments on the continuing fall of annuity sales and what this means for individuals…
Stuart said: This is no surprise given the new freedoms introduced in 2015 and the current expensive cost of buying an annuity with an insurance company due to the continued low level of gilt yields.
“The main concern with taking a pension as a lump sum is that individuals spend all of their retirement savings and then struggle in the later years of their retirement. We always knew this would be the case when the new freedoms were introduced in 2015.
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