There are currently no suitable products available which truly reflect an individual's needs when they reach retirement, according to Aegon head of pension Rachel Vahey.
Speaking at the Association of British Insurers' Savings Conference, Vahey warned people were drastically underestimating how long they were going to live beyond retirement, and said the industry had to design a product that would fit the lives people were living. She said: "The number of people retiring is going to increase. The baby boomer generation are all coming into retirement and 30 million people will reach age 65 over in the next 20 years." Vahey alluded to research from Watson Wyatt, which predicted the At Retirement market was going to increase 20pc every year for the next fi...
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