Buying time in retirement

Article Abstract:

Investors purchasing an annuity in the three years to 1996 have paid more for annuity rates. They have often had little option but to buy but regulations have been changed offering new options. These include using an income drawdown scheme which allows part of a pension fund to be used as an income. Phased retirement allows a personal pension to be divided and part of it is converted. These options should not be selected without advice, and costs may be high. There is also a need for the fund to be big enough to allow for diversity in investments.

Annuities

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Employees move into the driving seat

Article Abstract:

Money purchase pension schemes are becoming more popular among UK employers. This move places more emphasis on fund managers' performances. Pensions are linked to investment performance rather than being guaranteed by companies. Euity investments tend to perform better over the long term and there may be a move away from equities. Fund managers will need to acquire skills in managing UK bond portfolios. Individuals may also be more mobile as they seek better short-term performance and this will put further pressure on managers.

Commercial Banks, Investment Banking and Securities Dealing, Portfolio & Funds Management, Portfolio management

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Waiting for the bubble to burst

Article Abstract:

United Kingdom pension funds have performed well in 2nd qtr 1997, and long term returns have also been good after inflation has been taken into account. Fund managers tend to prefer equity assets which helps their performance, though funds have not performed as well as the index, partly because a correction appears likely and holdings in stocks have been reduced in 1997. Whether 1997 is a good year in terms of pension fund performance depends in part whether a correction occurs in 1997.

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