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Pensions minister has doubts over annuities

By Western Daily Press  |  Posted: January 22, 2014

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Pensions Minister Steve Webb, the MP for Thornbury & Yate, has questioned the suitability of annuities as a means of providing retirement income. "If annuities were designed for a world where people retired and lived for ten years, but now they retire and live for 30 years, then we need a rethink," he said. "We are moving from a world where annuities lasted for a relatively short term to where they are supposed to cover a very long-term."

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