From April, savers will be faced with tough choices when it comes to drawing their pension: take the entire pension upfront, remain invested throughout retirement or buy a guaranteed income through an annuity.   

Workplace pension schemes must reconsider their derisking strategy. No longer will schemes be able to move default investors into bonds on the assumption most will buy an annuity. 

The solution is to derisk the workplace pension over five years, moving default investors from their growth investments to cash.

The two complement each other well. I’ll explain why… 

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