Royal London clients with guaranteed annuity rates will be offered a cash swap deal if a High Court hearing gives the provider the go-ahead.
The provider said post-pension freedom many people were shunning valuable guaranteed annuity rates in order to access their pension pots. It said Financial Conduct Authority figures showed more than half of savers with guaranteed annuity rates attached to their pension pots are "throwing them away" in retirement by accessing their pension funds without taking an annuity, or guaranteed income for life. Royal London said it wanted to stop about 30,000 clients with Scottish Life policies losing out. It is heading to the High Court for approval of its plans on 25 June. If the scheme i...
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