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lifetime-pension-income

Torsten Bell

UK parliament

UK plans lifetime pension income as default for 17 million private sector workers

Highlights

  • Around 17 million private sector workers could benefit from the proposed changes.
  • Nearly 46 per cent of first-time pension withdrawals involved people cashing in their entire pot.
  • Pension providers will be required to offer a default retirement income option.
  • Savers will retain the freedom to withdraw money, buy an annuity or manage their investments themselves.

THE government has unveiled plans to offer around 17 million private sector workers the option of a pension income for life, in a major reform aimed at preventing retirees from exhausting their savings.

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