A loss of confidence in the economy among older customers helped knock UK sales at life assurer Aviva by 25%, according to the company's third-quarter management statement.
Customers close to retirement delayed purchasing annuities, while pension savers either reduced or stopped their monthly payments, hitting the company's core pensions and annuity businesses over the first three months of the year.
Annuities is esaily explained by low interest rates.
Pension sales are explained by ordinary investrors knowing what fund managers seem quite unable to comprehend: equity markets are a foolish way to save for pensions.
We need a Green New Deal and related bonds that people can understand to deliver the pension product this country really needs.