Misjudging longevity 'will hit annuity providers'

IRS asserted that the impact of increasing longevity is being felt by annuity providers and pension schemes, pointing to a recent claim by the Pensions Regulator that many schemes were underestimating increases in longevity. The latest figures from the Office for National Statistics (ONS) suggest that a man who is 65 this year will on average live a further 21 years, while a 65-year-old woman will live for a further 23 years. IRS believes that longevity issues need to be built into the advice process and that the Government and the financial services industry should do more to raise awa...