Bring on compulsory annuities, says Deloitte partnerBY JAMES FERNYHOUGH | WEDNESDAY, 28 MAY 2014 12:40PMThe government should introduce compulsory deferred lifetime annuities as a way of insuring against longevity risk, Deloitte's lead superannuation advisory partner Russell Mason has said. Related News |
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I am afraid of the 'dead hand' of compulsion in this argument about 'longevity risk'.
It flows off the tongue so easily. What could be better? says Mr Mason. This would take the risk out of everything for people when they reach old age.
Mr Mason suggests that George Osborne is just a politician looking to be re-elected. What nonsense!
Governments should never be in this area. It is so short sighted to hitch on to the Government teat. Imagine the bureaucracy that would grow like 'topsy' in order to administer things. Imagine also the fees that 'experts' in this field could graft from the government in the name of 'compliance & etc...'
The economist,Mr Maddock is correct!, 'Why stick your money into something that gives you 3% return, which you might get back when you are 85?'.