Many UK retirees are feeling a ‘sense of apathy’ towards savings for retirement, according to an industry expert.
Keith Churchouse who is Churchouse Financial Planning’s Director argues that a number of cumulative factors have lead to this situation. He said that …” the demise of various companies, the falling annuity rates, the reductions in the values [and] the higher charges are all problems that he suggested have had a negative impact on the image of the UK’s pension system.”
However, there is one thing that should improve the overall outlook for pensioners – the fact that the annuity age limit is set to be scrapped. With public sector pensions becoming increasingly expensive, some would say unaffordable, it seems there is likely to be some radical changes to policy from the coaltion government in the coming months.
