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Guide to Guaranteed Retirement Income Options

    CPD
    Approx.50min

    Introduction

    But the fundamental aim of a pension remains the same and that is to provide sustainable income in retirement, as only a lucky few have sufficient assets that they know they will never run out of money however long they live.

    For the rest, pensions may be the only protection against penury in old age, therefore planning for this will remain the bedrock of financial planning to help ensure that consumers have a sufficient level to meet day-to-day living costs for as long as it is needed.

    This guide will examine the risks faced by elderly savers, types of guaranteed retirement income available post-April 2015 and how to make sure your clients have enough to cover the essentials.

    Supporting material produced by Simon Massey, director of wealth management at Metlife UK; Addy Frederick, media relations manager of LV; Stephen Lowe, group external affairs and customer insight director at Just Retirement and Mark Stopard, head of product development at Partnership.

    In this guide

    CPD
    Approx.50min

    Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

    1. How many of the 15 largest pension providers polled by the FCA in July expect to launch new retirement income products in the next six months?

    2. Mr Massey says clients should consider their pension pots as four asset classes, what are they?

    3. What will be the consequences of delaying taking the state pension or taking out an annuity?

    4. How much did the ABI say was used to buy nearly 37,500 regular income products in April, May and June?

    5. What does Spence Johnson estimate the size of the market for guaranteed retirement products will be by 2023?

    6. Why will guaranteed drawdown become a mainstream retirement income solution, according to Mr Massey?

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