New rules aim to improve retirement.

22nd February 2012

Jonathan Watts-Lay, Director, my wealth comments “I welcome the proposed new code of conduct to give better information on annuities. However, providing information is not like the provision of financial education which aids understanding.  Financial education should be provided in the workplace as part of the retirement planning process. Many employers provide this and therefore, you should seek further information from your place of work.  This is vitally important, as many people now live for 30 years or more in retirement. Therefore, I believe that the decision made at the point of retirement is probably one of the biggest financial decisions you might make in your lifetime. This is why there is a growing need for suitable advice for all retirement options, not just annuities. Without suitable advice, many individuals cannot guarantee they will get the right retirement income, let alone at the right price. Retirement advice is essential in order to maximise retirement savings and income.”

Please see Guardian online to read more.