Another day...
Another incomprehensible pension statement in the post...
This one offers me a staggering £1 and 2p a
day to add to my state pension when I finally buy an annuity - Or £372 a
year.
There is they claim (inflation
adjusted for 2038) £15300 in the fund.
They expect me to retire at 65.
If I live to the average male lifespan of 80 years that will mean the
annuity would pay out a total £5,580 – about 1/3 of money I have amassed in it.
I think I see a pattern emerging. All these plans when it comes to buying an
annuity only offer you about a third of the total in the pot. Clearly this is because of the enormous risk
that I should live to be 106 at which point Fidelity would start losing
money. If I assure them that I drink
heavily and smoke large Cuban cigars might they perhaps accept that this is
unrealistic and let me have some of the £9720 they’re unlikely to pay out
before I pop my clogs. These pensions
seem to me to be a licence for financial institutions to accrue cash they never
have to part with.
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