Simple default annuity purchase option backed by industry

A survey of delegates at an International Longevity Centre UK conference last week found 65% backed the proposition, while 29% rejected the idea. Partnership chief executive Steve Groves, who put forward the suggestion, said a well thought out default option was essential as the current process was too intimidating for anyone going through it without an adviser. “We ask them some questions that they could not be expected to know the answer to without being a pensions anorak, and that intimidates people away from focusing on the things that really matter,” he explained. “If you take al...