Alternative wording - "Illustrative Annuity Purchase Date"
Sam_Forsey
Member
in General
Before retirement, pension plan quotes show a “Normal Retirement Date”, or "Target Retirement Date", so that's the wording we use in our Suitability Report.
Once clients start taking benefits the quotes show an "Illustrative Annuity Purchase Date".
I'd rather not use this wording as it is not applicable for most of our clients – they don't intend to purchase an annuity at any age. Does anyone have any suggestions for alternative wording? (Other than "Expected death date", or similar 
)
Comments
We don't tend to have that info in our reports for clients in retirement.
But if you do need to include it, I wouldn't change it from what it says. If it's not necessary to say Annuity, then maybe the whole portion of the report shouldn't be there either (if you see what I mean?!)
When looking at a transfer I can't see how we could leave the section out? For example, where we compare their current pension (either uncrystallised or drawdown) to a policy with a new provider - we look at projections to NRD (or illustrative annuity purchase date) to show the effect of charges over time...
As our clients are expecting to leave a pension pot for their beneficiaries beyond their death it's actually an "assumed death date" rather than annuity purchase date - but that sounds a bit... final.
We compare the costs - not the projected maturity value. (rightly or wrongly)