Annuities aversion 'puts pension savings at risk'

A State Street Global Advisors (SSGA) panel warns the popularity of property assets, tax-free savings and cash could reduce annuity sales. The panel says the trend, coupled with longer life expectancies, increases the chances of people running out of retirement income. John Nugée, head of the Official Institutions Group at SSGA, says: “Many people have stepped outside the formal pensions industry, but the more they do so, whether from an annuity or defined benefit basis, the greater the risk that their savings will run out. “With ISAs and buy-to-let the possibility increases that people...