Lifeboat Fund Warns Retirees Are Drawn To Riskier Products
Law360, London (April 28, 2021, 3:50 PM BST) -- Low interest rates are pushing one in five retirees to consider taking out risky pension products that may not protect their cash if the underlying company defaults, Britain's compensation fund warned on Wednesday.
The Financial Services Compensation Scheme said it found that 20%, or 403 people, of the 2,000 individuals it surveyed have considered taking out riskier pensions and investment products because of Britain's prolonged period of low interest rates on savings. The Bank of England's current base rate is 0.1%.
The lifeboat fund's research, which was conducted among retirees aged between 55 and 75, found that the savings environment has...
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