ANYONE currently paying money into a personal, stakeholder or money purchase pension scheme will probably have to buy an annuity to fund their retirement. Under current rules, you have to convert the money you have built up in your pension scheme into an annuity before you reach 75. A new Which? Money survey has found that consumers know relatively little about annuities and don't always seek expert advice before choosing one. Nearly a quarter of the people we quizzed either have an annuity or are approaching retirement and will need to buy one soon. However, just under half of those with an annuity (46 per cent) had sought the advice of an independent financial adviser. This is worrying, because our research has shown that there are significant differences in the performance of the best and worst annuities. More>>
Annuity Pension
