Leading pension and annuity provider LV= has welcomed the government’s announcements of pension reforms that have come out of this week’s pre-Budget report. They said that Alistair Darling’s decision to bring forward the annual pension increase to January, effectively giving pensioners £60 each, would help those who might struggle with the high costs of fuel this winter.
However, they have criticised the government for failing to do anything about the issues concerning pension annuities, saying that is hugely disappointing that the government has not taken action regarding the age 75 rule concerning purchasing an annuity.
LV= were generally satisfied that the government’s proposals did go some way towards helping the gap that may appear in the finances of pensioners in the current credit crunch we are witnessing.
Just Retirement, another leading annuity provider, recently published the results of a survey which showed that many retirees were in serious danger of slipping below the poverty line because of falls being seen in their disposable income.
