Telling the story

Money purchase pension plans are, on the surface, simple things. People invest money over a long period, and at a future date swap that pot of money for the guarantee of an income to be paid out until they die. The value of that income depends, very broadly, on three things: the amount of money paid in, the investment performance of that money, and the price of the income bought at retirement. Simple. The UK needs more people to save for retirement. This Government wants them to do that through pension schemes, whether it is statutory schemes, private schemes or the new personal account...