ACTUARIAL POST: All the king’s horses… This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the August 2018 edition of the Actuarial Post. Once upon a time, people saving for their retirement were given a great deal of support by the taxpayer. This was provided on the basis that there were severe restrictions around the money saved and that the savers would ultimately be forced to use that money to buy annuities. These would provide a guaranteed income in retirement, ensuring that the taxpayer would have far less responsibility for the retiree, and therefore was getting a good deal for the tax foregone.
This article was originally commissioned for the April edition of the Actuarial Post.