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In defence of pension freedom

From one perspective, this is odd, because annuities have two great virtues. They give us a secure income free from the risks of investing in equities or property. And they give us an income for life, thus ensuring that we won't outlive our wealth.

So powerful are these virtues that back in 1965 the Israeli economist Menachem Yaari advised retirees to annuitise all of their wealth. Although subsequent thinking has tempered this view, many economists still believe there's a strong case for at least partially annuitising.

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