The Government should follow A-Day pension simplification with an ‘R-Day', or Retirement Day, rethink to encourage finding the best value for money from accumulated pension pots, according to pensions provider Living Time.
The provider believes an R-Day simplification to replace current secured and unsecured pension rules would encourage people to consider carefully the choices they make at retirement. Living Time says simplification would lead people to consider a wider range of factors including their investment risk attitude, the danger of inflation eroding fixed benefits, their own personal circumstances and their own or spouse’s health. Kim Lerche-Thomsen, chief executive of Living Time, says: “The UK has two sets of rules mainly for historical rather than practical reasons and it is debateable whether...
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