Why are fewer people choosing to purchase an annuity?

New rules were introduced on 6 April 2015 which allow pension scheme members more options on how they can access their pension savings from age 55.

 

Before 6 April 2015, many people chose to buy an annuity with their pension. Nowadays, it’s possible to take your pensions savings as one cash lump sum, or smaller cash lump sums.  This means that our members are choosing other options not just considering an annuity product.

 

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