Government rejects 'default decumulation pathways' at retirement

In the committee's Pension Freedoms report published in April, MPs recommended every pension provider offering a drawdown product must, by April 2019, offer a default decumulation option. The government rejected the proposal, however, saying it was "inconsistent" with pension freedoms. "The government is, at this stage, not convinced of the merits of default decumulation pathways and is concerned that measures to require individuals to be placed into particular products would be inconsistent with the freedom and choice reforms," it explained. "There is insufficient evidence to sugg...