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20th June 2019
:: Blog | July 2008 (14 blogs) | A tale of distraction...

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A tale of distraction by a terminally ill client buying an annuity? 
If you attempted to read the DWP’s research focusing on annuitisation decisions you might have been interested, as I was, in how they eventually segmented participants (of which there were only 60 who took part in the research). It was clear that pension communication methods could be improved by some product providers in order to help people make informed choices in their retirement planning. Pension guidance by IFAs was also a key factor mentioned by some participants.
Figure 2.1 on page 29 of The Report (and the subsequent pages) describe the traits that distinguish the seven groups of clients (annuitants) into: 

Annuitisation attitudes - Crown Copyright 2008

Crown Copyright 2008
I think they might also consider adding to the list: The Distracted, in my humble opinion (persons with other things of seemingly more importance at that very moment in time). This article tells us about a man with a terminal brain tumour who bought a standard annuity with one of his pensions. He almost certainly would have fitted the bill of The Distracted, don’t you think? S
Mike Jones,, 16th July 2008

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