MGM Advantage stresses importance of annuities in pensions calculator

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MGM Advantage stresses importance of annuities in pensions calculator

A senior spokesperson from MGM Advantage has issued a note of caution regarding new government reforms relating to pensions.

Craig Fazzini-Jones, director at the company, made his comments regarding the news that people will no longer have to annuitise by the age of 75 when the proposals are brought in on April 6th 2011.

He claimed that failing to purchase an annuity can actually be a negative move and could lose people a year's worth of income.

"While anything that gives pensioners more flexibility is a good thing, people should not lose sight of the value an annuity can bring," said Mr Fazzini-Jones.

The MGM Advantage representative pointed out that one of the major arguments for scrapping the compulsory annuitisation age is that people can leave their savings with their estate if they pass away earlier than expected.

But he claimed that 12 per cent of today's 60-year-olds will die before they are 75.

His remarks contrast the thoughts of LV='s retirement solutions director John Perks, who claimed the change in legislation could encourage saving.

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