Millions forced to take pension gamble

They would have to live until the age of 90 before their annuity became ‘good value', former Downing Street pensions adviser Dr Ros Altmann warned last night, according to the Daily Mail. In a stark wake-up call, she said that the millions of pensioners forced to turn their nest eggs into a retirement income were undertaking a ‘high risk' enterprise that could cost them most of their hard-earned cash. Annuity rates, which determine how much a pension pays, are at an all-time low. This is down to a combination of low interest rates, rising life expectancy and the Government's policy...