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    This is the impact of a combination of factors, increased longevity is one factor but QE is another. Falling stock market have a (temporary) impact too. Government gilt rates are set to fall further due to QE2 and the 15 year gilt rates impact on annuity rates.

    The big problems we have with pensions relate to people not saving enough to provide a retirement fund and that is down to them. Many prefer to spend £200 pm on cigarettes or booze than in looking after their future. We all make choices.

    If you have a pension then fortunately you need not be a slave to low annuity rates but I will not go on from there as the answer is what I am paid to provide and regulations prevent me from saying too much in case it is interpreted as advice!

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