Some of you will recall that I always describe pension saving (in a Money Purchase environment) as a two-tier decision process for the employee.
Part 1 of the process is building up a savings fund. This is done over years, and requires decent employer and employee contribution levels, good investment choices and governance, and of course quality advice and/or guidance.
Part 2 is actually deciding how the money the employee has saved is used to fund retirement. This is a decision that can’t be made until retirement age is reached, but is hugely important. I thought it worth highlighting this area again, as there have been some recent changes to retirment options which are covered in our technical bulletins library:
http://www.jelfgroup.com/cms_files/documents/changes_at_retirement.pdf
Hope this is of use.
Excellent & thoughtful post.