23 September 2008
Under new proposals, pensioners who are deemed to live in more
affluent areas could receive smaller pensions as they are expected
to live longer. Such schemes have now been introduced by
Prudential, Legal & General and Norwich Union.
Nigel Callaghan, financial adviser at Hargreaves Lansdown said:
"The days of standard annuity pricing is over. Others will be
forced to follow suit, otherwise they will be left behind. All the
insurance companies I speak to say they are considering it."
