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The Actuary The magazine of the Institute & Faculty of Actuaries

Aviva urges rethink on UK retirement

Aviva is proposing a series of reforms to the retirement industry with the publication of the report ‘Rethinking Retirement in the UK’.

The report sets out a series of measures the insurer believes are necessary to address the issues facing the retirement market today so that the industry can better serve the needs of tomorrow’s retirees. The main points of the proposal are intended to motivate retirees to shop around for the best annuity rates (open market option), to create an annuity market fit for the future and to address customers’ needs.

Clive Bolton, ‘at retirement’ director at Aviva, said: "The current retirement industry is no longer serving customers as well as it could, conceived in an era when people’s pensions were simpler and their life expectancy lower. Wide sweeping social and economic factors are changing the retirement landscape and in response to these trends the government is introducing radical changes to the state pension system and retirement rules.

"However, the retirement industry must play its part in rethinking its retirement offerings, providing timely and easily understandable advice and information. Consumers face a different landscape to their predecessors and we must take practical steps to help maximise their income and make the choices that are right for them."

The full report can be found here