Most people - at least when they reach the age of 45 or older - start thinking about retirement and the possibility of receiving a nice sustainable income after they retire. But to ensure a good income you need to start planning well ahead of retirement. As many people belong to company-funded pension or provident funds, they normally spend little time thinking or planning for a dynamic income during retirement, as they believe they will receive the "right" income in retirement from their pension or provident funds. New regulations that company pension and provident funds must provide default annuities for members who reach pensionable age support this belief. The regulations mean that the company-sponsored funds must provide an option that enables a member who reaches retirement to seamlessly transfer their pensionable interest to a default living annuity or fixed annuity that provides a monthly income. On face value, this makes a lot of sense because many people receive bad or eve...

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