18 June 2012
Experts today piled on the gloom about pensions with a warning that new European rules may make retirement more expensive.
The Solvency II rules will force annuity providers to hold far reserves, cutting British pensioners’ annuity rates by up to 20%, Deloitte retirement advisors said.
As a result, a pensioner with a £100,000 pension pot would lose between £300 and £1100 a year .
It could be a double blow for women, because the European court decision to end insurance pricing based on gender is expected to trigger a fall in pension payouts for female pensioners, while men could see a rise.
