Getting advice on best pension annuity rates and annuity options is key, say the Tories. Pensions minister for the Conservative party, Theresa May, has applauded financial advisers for their “hugely important” work in encouraging consumers to make adequate pension saving. Speaking at the Tax Incentivised Savings Association (TISA) recently, Ms May said those consumers saving for pensions needed to be encouraged and rewarded. She said financial advice played a key role in ensuring that consumers know how much they need to put aside for their retirement.
Ms May stated that good financial advice will be key to ensuring that as many people as possible are saving sufficiently are getting the information they require to make the right decisions for their future, and how they might go about getting the best annuity rates and annuity options at retirement. So there is therefore a need to extend the availability of good quality financial advice. Ms May said if a Tory government were to be returned at the next election it would scrap the obligation for retirees to have buy a pension annuity at the age of 75. And, under a Tory government, auto-enrolment would be introduced on a voluntary basis for companies, Ms May said.
