UK: DEMAND FOR IMPAIRED LIFE ANNUITIES
Article Abstract:
Retirement specialist IFA Wentworth Rose Independent has noticed a strong demand for impaired life annuities. These are granted to people with a medical condition that could shorten their life expectancy. They are being offered to people with cancer or even to those who are likely to die early through their lifestyle choices. Someone who smokes could boost their pension by 7% while someone with cancer could boost it by 66%. For once annuities can work in the opposite direction to life insurance premiums.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2000
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UK: EMPLOYEE PENSIONS ARE INADEQUATE, CLAIMS REPORT
Article Abstract:
Many employees have insufficient pensions but are either apathetic or ignorant about their pension situation, says the Industrial Society in its report 'Managing Pensions Change'. More than 20% of employers surveyed offered employees a defined contribution scheme, while about 66% offered a defined benefit contracted out scheme. However, it is up to employees to ensure their contribution levels are adequate. Many employers are making inadequate contributions, if any, and there is no foundation to support the government's call for the provision of private pensions.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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UK: Flexible annuities wanted
Article Abstract:
The UK Retirement Income Reform Campaign is calling for more flexible annuities, which it does not believe would result in a fall in revenue from tax to the government. The group wants pensioners to be forced to purchase an index-linked annuity at the age of 75 and to be allowed to invest and save at will. The Treasury has expressed concern that pension schemes could be used to avoid inheritance tax and that boosting rebates on contributions would reduce revenue from tax. According to the head of the lobby group, Dr. Oonagh McDonald, who used to be a Labour Member of Parliament, there would need to be a double tax regime applied to pension transfers at death.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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