UK to Make Lifetime Pension Income Default
Britain unveiled plans to make guaranteed lifetime income the default option for private sector workers. The move aims to help millions avoid managing pension pots alone.
United Kingdom will mandate lifetime retirement income as the default option for 17 million private sector workers, under government proposals unveiled on Tuesday. The overhaul aims to shield savers from managing complex pension pots alone as traditional defined benefit plans disappear. Savers face mounting pressure to make retirement funds last amid shifting tax rules and rising full-pot cash-outs.
