Private sector pension savers to be given 'simpler' options to take an income under guided retirement

Summary

Private sector pension savers are to be given 'simpler' options to take an income, the Evening Standard and The Independent reported on Tuesday 3 November, writing that guided retirement will require pension schemes to provide a default pension for savers approaching retirement. Under new plans set out by pensions minister Torsten Bell on Tuesday, providers will be required to offer workers an annual income as standard, City A.M. reported, private sector workers being set to be given access to guaranteed pension income for life as the government aims to close the retirement savings gap between the public and private sector. The Birmingham Mail headlined that the DWP confirms a change for 17 million private sector workers with a pension, writing that the vast majority of private sector Defined Benefit (DB) pension schemes, that once provided an inflation protected income for life in retirement, have closed.

Latest: Private sector pension savers are to be given 'simpler' options to take an income, guided retirement being set to require pension schemes to provide a default pension for savers approaching retirement, the Evening Standard and The Independent reported, City A.M. writing that under plans set out by pensions minister Torsten Bell providers will be required to offer workers an annual income as standard.

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