© FT montage; Bloomberg; Dreamstime Before “ pension freedoms ” were introduced in the UK, it was the norm for workers to trade in their company pension pot and use it to buy an annuity when they retired. This one-size-fits-almost-everyone system resulted in around 400,000 workers a year buying annuities worth some £14bn.
Converting your pension savings into a guaranteed income for the rest of your life gave retirees certainty. While this concept is still one that appeals, annuities rarely feature in modern retirement journeys .
Former chancellor George Osborne made history when he announced at the 2014 Budget: “No one […]
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