A survey from Fidelity, recorded in the Sunday Times, interviewing 500 people due to retire
or planning to retire next year makes interesting reading. It suggests most are going to turn their backs on
annuities and take all the cash they can. But how wise is this? Cash now, but
poverty later?
Unless they are cautious with their new found wealth, they
may well find it runs out a long time before they run out. Then what? In Australia, it’s called ‘double dipping’
– ie taking your pension as cash now and then relying on the State when you run
out of money.
Is this what we can expect in the UK? Has the government
relaxed the laws around pensions too much?
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