'Fundamental' retirement income problems must be dealt with before pension freedom

Reacting to the Financial Conduct Authority's (FCA) annuity market study providers said lack of engagement in the shopping around process would not be solved by pension freedoms and changes were urgently needed. MGM Advantage pensions technical director Andrew Tully said: "Unfortunately, the changes coming in April next year do not automatically mean better customer outcomes, as the choices at retirement will become a whole lot more complicated. The guidance guarantee will help some people, but given the likely low initial take-up we need a second line of defence. "This will minimise ...