UK - PSFM, the financial adviser sister company of consulting actuarial firm Punter Southall, has called on the government to take decisive action to improve the quality of advice given to individuals purchasing annuities as part of its response to the government consultation on annuities which closed on April 5, 2002.
Gordon Simpson, senior consultant at PSFM, said: “According to an FSA source, up to 50% of individuals investing in an annuity don’t even know they’ve got one. The Government must address this problem by ensuring that basic information leaflets are actively distributed to prospective annuitants through a range of channels, including trade unions, employers and websites.”
By Luke Clancy
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Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point