Five years on from the introduction of pension freedoms there's still much more the pensions industry can do to fulfil the promises of the legislation and meet the evolving needs of tomorrow's pensioners, writes David Simpson
Until recently, retirement was generally a shift from working full-time to not working at all and needing a complete replacement income. Except for the very wealthy, an annuity which gave a guaranteed level of income in retirement met most people's needs. But client needs are changing. Nowadays, retirements are often stepped, with a gradual move from full-time to part-time work or a later life career change which may result in a lower salary, which may need topping up with income from a pension. The decline of lucrative defined benefit pensions schemes is likely to fuel the trend f...
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