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Patrick Heath-Lay, Chief Executive Officer at B&CE, provider of The People’s Pension discussed the new pension freedoms at a seminar held by the National Association of Pension Funds (NAPF).
Discussing the possibility of default options at retirement, where schemes have processes to deal with members who do not make a decision when they retire, Patrick said that schemes would need to ask people what they want to do. But in addition, schemes may pick a centralised route with lower risk for members who do not engage with the process.
The NAPF’s seminar also heard from Camilla Barry, Partner at Macfarlanes, who said that default options would help to reduce risk for trustees and employers.
Read the article: Default option for decumulation ‘is crucial but challenging’