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Pension savers opt for risky product as expensive annuities fall out of favour

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The fact that an annuity dies with its owner is a deterrent to savers, advisers say. Photo: Stock image

The fact that an annuity dies with its owner is a deterrent to savers, advisers say. Photo: Stock image

Pension plans are becoming riskier as annuities are no longer popular. Stock image

Pension plans are becoming riskier as annuities are no longer popular. Stock image

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The fact that an annuity dies with its owner is a deterrent to savers, advisers say. Photo: Stock image

Pension savers are being forced to opt for a risky product to provide their income in retirement in a bid to maximise what they get when they stop working.

A survey shows people are no longer funding their retirement with annuities, and instead are choosing a complicated product called an approved retirement fund.


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