Cash commutation scandal as poor terms leave members £2-3bn out of pocket

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Defined benefit members are being left £2-3bn out of pocket every year as trustees and advisers fail to update the terms offered on tax-free lump sums at retirement.

Actuaries warn that cash commutation factors have not been revised in line with market conditions, such as rising longevity, low interest rates and low inflation. Buck Consultants senior corpora...

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