Annuity options must be explained to clients - Pru

The panel, comprising experts on retirement and pensions savings, cited annuity options as an area which needed to be clearly explained to consumers approaching retirement, in order that they can best assess their retirement income options. Also brought to the fore was the exigency to speed up fund transfer times for pension funds being converted into annuities. Nick Flynn of Origen stated that the continued lack of consumer education was fundamental. He explained: "People don't see the difference between retirement vehicles and savings vehicles. They don't understand why they have to bu...