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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | June 2009 (15 blogs) | Complicating the simple
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Complicating the simple
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Most ordinary people view pensions as a complicated subject and they see annuities as adding yet another layer of complexity. In fact, when you describe a pension as simply being a ‘container’ for the purpose of providing ‘wages in retirement’, scheme members and policyholders actually do begin to get interested.
Once you explain that it is the pensions framework (i.e. the legislation behind it) that is complicated, rather than the pension itself, you can actually see the light bulb of interest begin to flicker, whether it’s on a one-to-one basis with an individual or a room full of ‘suspicious’ employees.
So, I was rather surprised to read this article about some annuity providers that choose to ‘…provide blanket enhanced annuity rates for bespoke adviser and consumer annuity comparison tools.’ To my way of thinking, if you see a figure on a quote you want it to be reasonably accurate, whether it’s for car insurance, house insurance or an annuity purchase. It doesn’t help too that the FSA website annuity comparator isn’t that accurate either, apparently! See:
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Mike Jones, MyCompanyPension.co.uk Ltd, June 2nd 2009
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