All quotes were based on a male, aged over 66, non smoker. Single life annuity and payable a month in advance.
With the state pension coming in at £159.55 a week or £8, 319 a year, to buy this level of income with no increases requires a pot of £161,850 yet by just increasing income in line with RPI, you needed £276,900 in private saving - just over 70 per cent more.
5) Rise of the machines
You know that provider which still insists on receiving faxes? Turns out they are dangerous as well as annoying.
Financial firms that use old-style ‘legacy’ technology will act as a barrier in the battle against cyber criminals, professionals have warned.
The failure of the NHS to update its technology was largely blamed for its temporary collapse because it left the organisation exposed to cyber attacks.
According to a new report, published this week, 92 per cent of financial professionals said so-called ‘legacy’ software will hinder the fight against financial crime over the next two years.
There has been a raft of changes in the investment platform industry as firms upgrade their systems, but this paper should come as a warning to those companies that still use old systems.
damian.fantato@ft.com
