US investment management firm Vanguard Group is to join the Association of British Insurers. Fund managers are looking to tap into the UK retirement savings market following a change in the country's pension rules, which allows pensions savers to opt to invest in funds rather than buying an annuity. A relaxation in pension rules in Britain has encouraged pensions savers to use their pension pots to invest in funds, rather than buying an annuity - which pays a fixed income for life - from an insurer. The move comes as part of plans by the government to overhaul its 401(k) system and allow people more freedom over their investments.
US investment management firm Vanguard Group is to join the Association of British Insurers. Fund managers are looking to tap into the UK retirement savings market following a change in the country's pension rules, which allows pensions savers to opt to invest in funds rather than buying an annuity. The move comes as part of plans by the government to overhaul its 401(k) system and allow people more freedom over their investments.