Just Retirement makes case for annuities
The Just Retirement company has made clear its commitment to annuity provision, despite a recent report suggesting that better returns could be available to consumers using alternative products.
Many thousands of elderly Britons rely on an annuity for financial support during retirement, but the Investment Management Association (IMA) has claimed that pension pots could be used more effectively.
In response to the assertion, Just Retirement has maintained that for the majority of people in the UK the size of their pension pot will be such that annuities offer them the best way to secure a comfortable financial position in later life.
"Flexibility and increased risk taking may be great for those that have large funds, typically a quarter of a million pounds or more, but the truth is that the vast majority of individual funds are nowhere near this value," said Nigel Barlow, head of income solutions at Just Retirement.
The National Association of Pension Funds responded to the IMA's recent report by suggesting that British consumers are already confused enough about how best to save for retirement.
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