annuity

This week, Pensions Buzz respondents said the government was right to put back the charge cap to 2015.

The majority of respondents were not in favour of making income drawdown the default option at retirement for defined contribution (DC) members.

Retirees with small pots should be allowed to draw down savings as fixed-term pensions to enable them to defer taking a state pension, says the Association of Consulting Actuaries (ACA).

The Buzz community was split right down the middle on the question of switchable annuities.

Rachel Dalton examines Steve Webb’s plan to make annuities more consumer-friendly

Rachel Dalton on Steve Webb's flexible annuity idea

Labour pensions spokesman Gregg McClymont has denounced pensions minister Steve Webb's suggestion of switchable annuities as a "non-starter".

Pensioners should be able to switch their annuity contract in a similar way to switching mortgages, Steve Webb has said.

Allowing defined contribution (DC) members to buy pensions in defined benefit (DB) sections can significantly drive up liabilities, HSBC Bank Pension Trust chief executive Lesley Alexander warns.

The Financial Services Consumer Panel (FSCP) has urged the Financial Conduct Authority (FCA) to create requirements for employers and trustees of workplace schemes to provide annuity services for members.