Retirement savers are in the dark over annuity payouts, with one in five of those planning to retire within the next five years admitting they have no idea of the income they will receive from their company money purchase scheme.
Research conducted by Metlife Europe Ltd also revealed a third of personal pension savers are also unable to estimate how much an annuity will pay out. Around 18% of men aged 60 to 64 and women aged 55 to 59 believe their annual income from an annuity will be £9,000 or more with 3% expecting more than £15,000. However, MetLife has warned there is a growing gap between expectations of income in retirement and the real levels of gross income savers will receive. Dominic Grinstead, strategic development and marketing director, at MetLife, said: "Given current stock market volatility and ...
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