I recently had an email from Personal Accounts Delivery Authority (PADA). It was a response to all participants in the consultation on retirement income options for personal accounts members, and had been sent to all those who submitted a response.
PADA has been straightforward and openly consultative on the issues it faces. The trustee board has a difficult task in balancing the interests of the many with the preference of the few, and on retirement options the board has the task of dealing effectively with the majority whilst minimising adverse outcomes. In response to the tricky question of how to deal with the retirement needs of thousands of members with relatively small pots in the early years of the scheme, a number of issues need resolving. Lifetime annuities will be the suitable option for many; trivial commutation a real...
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