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We know that the life annuity is the only financial contract in existence that provides retirement income security for however long a pension plan member lives. We also know that in a low nominal interest rate environment annuities are perceived to be poor value for money. This is because the income from the annuity is related to interest rates at the retirement date. Plan members find themselves switching suddenly from an equity exposure to an interest-rate exposure. The government made adoi:10.1057/palgrave.pm.5940176 fatcat:o4mh42rlibcizbau2rsbqjzjbq